I think him being an ex player helps a lot. If an outsider gave them two 8th place finishes in a row he wouldn’t have seen the third season.
But I do agree it is refreshing to allow a manager to work and back him in good and bad times.
For me, if you are an ambitious manager, you have big dreams. It's a good mix. You get the tools to make your dream come true. Then it's an open field and the best manager wins.
Of course, when you're up against Guardiola, you're probably not the best manager and it's unlikely you'll win much, but I'd take it over the alternative. Beating Pep is probably Arteta's biggest driving force.
Even if Pep has an off year, you'll still have Klopp to deal with. It's tough in EPL for talented managers to win big titles, but you at least get everything you need in terms of players and money. It's somewhat a fair game to see who the best is.
Outside managing Madrid and going to war in CL vs the best of EPL, I don't think there's a better manager job than in EPL's top 3-4 teams. That's where the elite level is atm. The top 2-3 teams in EPL and Real Madrid. The rest are a drop-off.