The word arguably is doing some heavy lifting there. 2016-17 Alexis 100% walks into the current Arsenal lineup over Trossard/Havertz/Jesus/Martinelli and would very possibly be the team's best attacker over Saka. Ozil wasn't as dominant that season as he was the season previous but was still very very good, and would also be make the current Arsenal lineup without any doubt.
Everyone else? Not touching the current starting lineup with a ten foot pole, except maybe Bellerin who was amazing that season before he fell off seemingly as quickly as he broke out.
It gets lost in the demolition by Bayern (a team who were honestly unlucky to not go all the way that year), but 16-17 Arsenal were very solid. 75 points in the league, which is the highest point total a 5th place side has had in recent years and also would be good enough for 3rd or 4th most seasons.
2016-17 was in general a weird PL season. Spurs finished with one of the highest second place point totals ever, Chelsea broke the record for wins in a season and consecutive wins (both subsequently broken). The bar for top four was 76 points, and so 5th place Arsenal had a total which would normally get UCL. Second place Spurs had more goals for and fewer goals against than title winner Chelsea. 5 players hit 20 goals, when two years later 22 would be enough for a Golden Boot. Crazier perhaps than anything, and accounting for the fairly top heavy table, is that the gap between 7th and 8th was 15 points. 8th was closer to 18th than to 7th, and 8th and 20th were closer together than 8th and 6th.