The result has Arsenal sitting five points clear at the top of the Premier League table, though having played one game more than second-place Manchester City.
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"If Man City win all their games from now on they'll win the league so, yeah, disappointing," he said on Sky Sports.
"You can't play in second gear. You seen when it went 2-2 there was an urgency, everybody was running. You can't play like that. Every game is a cup final until the end.
"If Arsenal play at a tempo, Wolves can't live with them. But if they play the way that they play and it's all slow, lazy, then Wolves will always be in the game.
"That could come back to bite them tonight."