The Gunners arrive at the final in outstanding form, sitting nine points clear at the top of the Premier League and still in contention for an unprecedented quadruple.
Progress in both the Champions League and FA Cup has also been aided by favourable draws, raising expectations around Arteta's squad.
However, the Spaniard insists reputation alone counts for little. He emphasised that success "has to be done on the pitch", as Arsenal look to shed their "nearly men" tag following three consecutive second-place league finishes.
"It's going to be one of the defining moments because at the end of the day it is about whether you win the trophy or not," the Spaniard said.
"That is the most important thing once you get to the final. But in order to be there you have to do a lot of things."
Since his appointment in 2019, Arteta has secured just one major honour - the 2020 FA Cup - adding further significance to Sunday's clash.
There are also fitness concerns heading into the final. Captain Martin Odegaard and defender Jurrien Timber are both hoping to return after missing the midweek victory over Bayer Leverkusen, while Arteta declined to confirm his starting goalkeeper.