I think Emery has learned alot from PSG and his failure at Arsenal. He was maybe the right manager with the wrong squad and the Board backed Ozil over Emery. Whatever he was trying to convey didn't work in the EPL, with the squad we had, along side that the no show for the Europa final
he had lost the team- not sure many managers have recovered when they have lost the team. Note Villareal are 7th in La Liga...
Arteta appears to have the backing of the board in terms of staying, given the freedom to decimate the squad via loans and sales- I can't see who we would attract to replace him.
There are glimpses of good play but running on empty without any strikers will maybe get Europa Sunday League qualification. With at least another one starting 11 player (Lacazette) out of contract and Nketamine currently about as clinical as Mr Magoo out of contract too, those on loan and in contract next season not exactly pulling up trees (those that are aren't or don't want to come back) we will need big investment whilst competing for players against those with Champions league, Toon awash with money, and Man Utd with a rated manager who will pillage his current club.
I expect that rumours will flow around Martinelli and Saka leaving, Smith-Rowe I don't think would pass a medical and the rest are tied down for a bit - we are looking more like project youth or over priced rejects if the rumours such as Morata and Depay are even vaguely true.