You said he's under no pressure. It's not pedantic to say that's balls. It's obviously balls. He's meeting his employer's targets and is under pressure to deliver them.
And even if the targets aren't what the fans would like, keeping us in the top 4 year after year, if that it is his target, doesn't give him loads of room for error.
If he was under pressure to simply keep us in the PL then I'd agree that's as good as no pressure for a club like Arsenal, but we certainly have no divine right to stay in the top 4 and as Utd, Liverpool and Chelsea are finding, staying there even with huge resources isn't that simple.