The Gunners twice surrendered the lead as the draw left Liverpool needing just a point now to be confirmed as Premier League champions.
Arteta said afterwards: "Yeah, disappointing with the result and the performance as well. I think we never got the consistency in many areas to completely dominate the game.
"We always had the feeling that we had the ball, we had possession, we went in front twice, but the game wasn't grabbed, it wasn't dominated and controlled the way that we normally do because we were below the standards in some areas.
"When you are not at your best, but you are two times ahead, you have to be able to see the game off and we weren't able to do it, especially with what happened in the second half."
Too many draws this season
Arteta admits the run of draws have hurt their title challenge this season.
He continued, "We haven't been able to see the games off for many reasons, and the margins have been too small. Sometimes that, sometimes credit to the opposition, it's true that we played five times with ten men.
"There are a lot of factors, but obviously it's something that we've done much better in the past, especially when we've been ahead in games. Today, without really much happening, especially in the second half, we have to be able to see the game off."
Arteta was, however, pleased to see Leandro Trossard back on the scoresheet.
He added, "Very good, I think he's been a very consistent player for us, whether playing as a nine, as a winger, starting or being a sub, and that's what you want from players. He's always ready, he's always fit, and he can make the difference in any moment, that's the best thing about it."