In some ways this is a nothing story. The arrest may not happen and, in any case, there isn’t much one can usefully say about events that haven’t happened yet.
Still, it is probably best to not arrest a former president. Even if you believe in the pious cliche that “no one is above the law,” such an arrest will diminish the office. It would be like telling the world we are not a serious country; our most powerful people have no legitimacy.
It may be a core American value to regard our leaders as inherently unimportant — indeed, we may have appropriated this very notion from the indigenous peoples our European ancestors found so interesting (and vexing). But I don’t imagine that this is the way the rest of the world thinks. Should Donald Trump be arrested, Joe Biden and everyone who props him up will lose a little geopolitical stature.