I reckon Arsenal are close to the edge on the old-style PSR, but fine on the new UEFA measure, for now. When the target percentage drops to 70% they will have some work to do, so both measures could constrain them.
We're fine on either measure, including, probably, the final 70% UEFA target.
That said, it's hard to accurately estimate all this stuff from public information and even then you can only do it for financial years, but the UEFA test is for a calendar year.
I believe Swiss Ramble has blogged on this but it's paywalled.
Logically should be on a season / financial year basis? Is it because some leagues don't follow the August - May cycle?