No, 'bottling' implies fear, whereas in our case it's incompetence and being misguided - Arteta went for one attacking player (Sesko) in the summer then gave up when he coudn't get him and went back to his comfort zone of goalkeepers and defensive players
I've heard the club and Edu were far from convinced on prioritising Merino over an actual attacker and they were right
He simply seems to underplay the need for more attacking players and won't even consider someone if they aren't what he thinks is perfect for his setup, it plays into his stubborness and control freakery - again though it's not fear it's just his apparent mindset