I'm pretty sure that the reason we loaned in Cedric in January was because AMN told Arteta he wants to play in CM. Surely there was no other reason to bring in another RB. He obviously hasn't been deemed good enough to play CM though because he's hardly been seen since, even though we've had other under-performers in midfield.
I don't think Bellerin's position is under threat, rightly or wrongly. He was thrown back in the first XI as soon as he was fit, even though AMN was doing well there at the time, and he's been a staple since.
I guess it makes sense that we cash in on AMN if Arteta doesn't see him as a long term option in CM. Use that money towards signing Thomas Partey or Ceballos again. I'd rather we clear out the deadwood first before we let a solid, versatile player like him go.