Absolutely. Arcane is confirmed to be canon in the overall League of Legends universe as it follows Champions that are playable in the game. These Champions include Vi, Jinx, Caitlyn, Ekko, and Jayce.
As a matter of fact, Arcane’s popularity helped boost many of these character’s popularity. Some like Jayce used to be overlooked in exchange for more popular characters, but Arcane helped humanize them.
Those who aren’t interested in MOBAs but still want to experience more of the League fo Legends universe can try the following spin-off games:
Legends of Runeterra
Ruined King: A League of Legends Story
Hextech Mayhem: A League of Legends Story
The Mageseeker: A League of Legends Story
Convergence: A League of Legends Story
Song of Nunu: A League of Legends Story
Bandle Tale: A League of Legends Story
Additionally, 2XKO is highly awaited by fans for being the first fighting game in the series.