Arbeloa has experienced a rollercoaster since succeeding Xabi Alonso, with Real once leading the LaLiga table before falling back in recent games.
Guti told Efe: "It's a poisoned chalice they've given Álvaro, not only because he has to start mid-season, but also because there were already a lot of injuries when he arrived.
"He's been here a few months and it's not that there are fewer injuries, there are more. You can't see everything a manager can offer when there are so many injuries.
"We all have high hopes for Álvaro; he knows the club very well, but he doesn't have all the tools to do his best to make things work."
On facing Manchester City in the Champions League round of 16, Guti added: "That's what we Madrid fans cling to, the fact that the tie is difficult, but that Madrid pride and those magical nights at the Bernabéu can return.
"Let's see if all of that helps Madrid grow and reach a good level so that, above all, we can go into the second leg with hopes of advancing."