Nope. Just because there is more money in the game now doesn't mean that back then it was frivolous and amateur.
Anyway, to rewind to the original point; are you suggesting that Arteta was never under serious consideration for the role? Because if he was, and if only missed out because he came second to a better candidate, then the whole argument unravels a bit imo - if this 'professional' board nearly did appoint a bloke with no experience of the job.