Both are stories about new technology that makes the elite potentially more powerful than ever while disrupting life for the lowest rung of society, as well as being about criminals getting caught up in the mess and trying to find their way out of it. Despite Arcane being clearly fantasy (aetherpunk or magitcech), it feels like a cyberpunk story to me in every way that matters. Juxtapose this with, say, Altered Carbon, which is labeled cyberpunk but doesn't really feel like cyberpunk to me. it is just a futuristic noir, ultimately (and not a great one, at that).