The Swede hasn't scored for the Gunners in the past seven appearances.
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But after Arsenal's win at Fulham, Shearer said on BBC Radio: "He's not at the level of the three we've seen before, far from it.
"But he brings a different kind of strength and will certainly improve his tally: so far, he's only scored three goals in 11 appearances for the Gunners.
"One of his strengths, which suits Arsenal, is the fact that he comes from the back. This creates space for the others, because last year you had players like Kai Havertz and Mikel Merino up front, and it was easier for opposing teams to defend."
Shearer added, "By running up the other end, he creates space for others. From that perspective, he's already improved the team."