Speaking on Sky Sports ahead of Arsenal's trip to Liverpool, Neville said: "It's a great achievement to not win a trophy in five years and still be the manager of a Premier League team.
"We thought those days were gone where you can have this kind of patience being afforded to you.
"I think it's a good thing, that for five years to not win a trophy, ordinarily there would be a manager under pressure. That's significant in the sense that you think there is progression. I'm glad that on Friday in his press conference he said 'we've gone backwards in the Premier League', because they've tickled our backs a little bit for the last month with the Champions League and it took the heat off them a little bit in how bad they've been in the league being 13, 14 points from where they were last season and the season before.
"But they've left themselves woefully short up top and still haven't got a player in midfield from deep who can receive the ball on the back foot and [Martin] Zubimendi may come to Arsenal. [Thomas] Partey's not great at it, Declan Rice was proven in the first leg against PSG he's great at it.
"They've signed one striker in seven seasons as a footvall club. It's ridiculous that they've left Mikel Arteta so short. They've spent £750m and bought one striker in that time. That's not good enough."