On paper Arsenal have a better defence fairly easially, the defensive structure as a unit obviously is not as good though . The midfielders are fairly even I would say.
A combined 11 based on ability, not form could look like
Leno
Bellerin - Holding - Söyüncü - Tierney
Tielemans - Torriera - Madisson
Pepe - Lacazette - Aubameyang
Ricardo is better than Bellerin. Evans and Holding are about even in ability, with Evans in better form right now. Soyuncu is obvious. Tierney needs to prove his ability in the EPL before you can even argue to slot him over Chilwell, who has proven his quality. Leno hasn't been better than Schmeichel this season.
Ndidi, Tielemans, and Maddison are better than anyone Arsenal is playing right now.
Vardy is definitely better than one of Pepe or Lacazette, but none of Leicester's other attackers are.