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Think only Schlotterbeck and Bellingham start for Arsenal if you do a combined team.
Their strategy of signing the best young talent and flipping them after 3 years was always going to fail at some point. Bellingham next summer will be their last big sale for a while I think. The likes of Reyna, Adeyemi, JBG and Moukoko are nothing special.
Add in that both Hummels and Reus are past it and will probably leave after this season and they won’t be competing for a long time yet.
Probably a lot of started with their second place in the 2017/18 season under Tedesco. They finished second, but nobody knew how.
After that they invested a lot of money to be ready for the CL, around 60m for players like Rudy, Serdar, Mascarell, Matondo, Sane or Mendyl and probably all of them were flops. So you got an expensive squad for big money (on Schalke standards) and the performances were still not good. So they got a reality check with the 14th place a season after that. Overpaid squad, coach changes, no international games - so you are already in the downward spiral.
So the relegation two years later was a logical result. After a relegation you have massive changesin the team, nearly a full new team. Their promotion was saved lately due to a coach change with 100% Schalke identity, what probably really works well there.
Now you have a nearly full new team for the first league again, a coach who was already really poor for Bielefeld (really anti gamestyle) and the team needs time to adapt together. The coach from the 2. league (Büsken, 100% Schalke) just wanted to coach for the end of the last season, he is already a bit old and back to his co-trainer job. So wouldn't be surprised if they will make a coach change soon again to try to save their season.