The England international became a fan favourite at the Emirates during a breakthrough 2021-22 season, in which he came up with 10 Premier League goals after signing a new long-term deal.
However, fitness issues have consistently plagued Smith Rowe since that double-figure campaign, and he has seldom been seen in the Arsenal first XI over the past couple of years.
Wednesday's clash with Luton Town saw the 23-year-old make just his third Premier League start of the season, but he justified his selection by playing a big part in both of the Gunners' goals in their 2-0 triumph.
Operating in an advanced midfield role, Smith Rowe firstly robbed Pelly Ruddock Mpanzu of possession to initiate the attack which led to Martin Odegaard's opener, before registering the assist for Daiki Hashioka's own goal.
Arteta: 'Smith Rowe is a hell of a player'
The playmaker is still under contract at the Emirates for another two seasons, but an exit this summer has been mooted due to his lack of starts, with West Ham United believed to be weighing up an approach.
Smith Rowe is expected to drop back down to the bench for Saturday's trip to Brighton & Hove Albion, but speaking in his pre-game press conference, Arteta confirmed that he wants to keep the Englishman around this summer.
When asked whether he still sees a future for Smith Rowe at the Emirates, Arteta replied: "Yes. I look at him and what happened in the last two seasons especially with him. What happened three seasons ago as well.
"Take all that. It's the best thing that could've happened for him in his career if he uses it in the right way now, so don't look back and say 'if, if'. No, this happened, use it.
"That was the best thing that could've happened. 'I had a great moment, I had a difficult moment, now I know what I want and how to deal with that. That's going to make me a much better player'. You can see the hell of a player that we have in him when he's fit and playing at that level."
Arteta responds to Thomas Partey admission
Smith Rowe is just one of a handful of Arsenal midfielders facing uncertain futures in North London, a list which also includes Thomas Partey, out of contract in the summer of 2025.
The Ghana international was also promoted to the starting lineup in midweek, and after putting in a strong shift, he confirmed that he wants to stay at the Emirates for at least another year.
Arteta did not definitively say that he was open to keeping Partey at the club but expressed satisfaction with the 30-year-old's application, adding: "He better have his head here because we are playing for big things and that's what we expect.
"We need him because he's a top player and a very important player for us and you could see on the pitch the impact he can have for us. He's our player, he's got one more year on his contract and I'm really happy with him."
Arteta also delivered an update on Bukayo Saka's fitness ahead of the meeting with Brighton, where victory will temporarily send Arsenal back to the top of the Premier League table before Liverpool face Manchester United.