We never accept settling for 4th place that's another media driven point, but then the gulliable will always listen to what the media say.
We as a club challenge for every title, there are very few clubs in the world as successful as us, and somehow to,you take this as a small club mentality, I get the feeling football is not something you follow a lot but just read what the back pages say.
One thing I will add, if people break down the wins to money spent, we always preform above our level, no other club in the prem can say that.
We could also be like pool, or the spuds and have 25 different managers between the 2, and no one can say either have been more successful than us.
In what sense are we always performing above our level? We came 5th, we have the 4th highest wage spend, we spent more than Spurs and Liverpool in transfers recently and finished behind both. Utd overspent and performed poorly, by that measure they were worse than us but not massively.
Arsenal have for a very long time had the 4th highest wage spend and we've come 4th more often than not, we certainly aren't performing above our level. Spurs and Liverpool both beat us on less money, significantly less money. Spurs have a roughly 110mil wage spend and ~20mil net transfer spend for the past three seasons, Arsenal are at roughly 195mil wage spend and 150mil or so net transfer spend in the last three years and Spurs destroyed us this year, both overall in the table and actually in the last game against us.
Throughout the past decade we've been mostly spending around double what Spurs do on wages, beating them wasn't performing above our level at all.
In the CL we've been beaten in recent years by Monaco, Milan, and Dortmund/Atletico have repeatedly gotten to later stages of the competition than us and all of them spend less, some considerably so. We haven't performed above our level in any competition in a very very long time. Even now two seasons ago when Leicester won, we had a pitiful points total, other teams being bad doesn't change the level we were at. With the other big teams all having disastrous years we managed..... no more points than normal and lost to Leicester. We were higher in the league but performed no better than normal, it was categorically the case that Chelsea, Utd and City were drastically worse than normal.
As for the last part of that statement, excluding Spurs, many many teams can say they performed above their level, Leicester sticks out, Stoke with a pretty damn low spend do very well to finish top half repeatedly under Hughes, Everton have crap commercial income, poor match day income and a comparatively low wage bill and transfer spend yet consistent compete for europa league spots with the odd push for a CL spot, they perform drastically better in terms of money spent per point than Arsenal do.
Arsenal 75 points, 195mil wage bill gives around 2.6mil per point. Everton with 61 points with a roughly £85mil wage bill gives £1.4mil per point. Spurs at 110mil for 86 points is even lower at 1.28mil per point. Chelsea got 93 points with a £218mil wage bill, 2.34mil per point, far lower than Arsenal's. Utd's would be embarrassing. I'm mostly going off 2015/16 wages for simplicity, even so Utd would be 220mil for 69 points for 3.2mil per point and the real numbers would be worse still for Utd as they saw afaik the largest increase in wage bill this season due to the likes of Zlatan.
But the idea that Arsenal spend very little and are financially punching above their weight is and always has been utter BS. Arsenal since 97/98 or so were in the top two league spenders up to around the 04/05 period when they became consistently third, then 4th highest spenders behind Chelsea then City. That whole time the gap in spending back to Spurs/Everton has been massive. Liverpool are weird, they had the CL wage spend but dropped out of top 4, wages went down but slowly then they spent huge on english players for big fees. So they sit almost midway between Arsenal and Spurs in wage spend. Still Arsenal are dramatically closer to the likes of Chelsea/City in spending than the likes of Spurs.