Arsenal have been losing to the super favourite for the trophy in those years, until Leicester meets one of them and defeat them, you can't say they have done what Arsenal have been unable to do in 7 years.
I wasn't aware that Monaco were a super favourite, but whatever the provisos Leicester have reached last 8 in their first season, something Arsenal haven't done in 7 seasons. So yes we can say that
- until Wenger moves on, they'll always be the also-rans in the major competitions. A club in elite purgatory. Always good enough to make it to the big race, never fast or smart enough to push over the finish line in first place. That's all about the manager. Until he changes, Arsenal fans will continue to celebrate glorious failure.