It was the Gunners’ first away victory over a team above them in the Premier League since September 2015.
Bukayo Saka scored a beauty at the end of the first half before Alexandre Lacazette came off the bench to seal the win in the 86th minute.
The victory means Arsenal closed the gap to Wolves in sixth to just three points.
Arteta was keen to highlight the performance of Lacazette, who has been in and out of the team with Eddie Nketiah again starting ahead of the Frenchman at Molineux.
“He really needed that,” Arteta told Arsenal’s official website. “But when I asked him to come in, in three seconds he was ready to jump on the pitch!
“Things like this happen and he had a great movement of the ball, a great touch and a great finish.
“We need to give him more opportunities to be able to do more of that, but I’m so happy for him because he completely deserves that for the way that he trains and plays every day.”
After a disappointing defeat to Brighton in their first game of the resuming season, Arsenal have won each of their last three league games and advanced to the FA Cup semi-finals.
Arteta’s switch to a back three has been pivotal to the improvement, and Arteta praised Mustafi for his performance against Wolves before highlighting the work of midfield pairing Dani Ceballos and Granit Xhaka.
The Spaniard added: “We try to help every player to improve, first of all to feel that we trust them,” he said. “They can make mistakes, of course, but if they are willing and they are happy to try again, I think they will get the rewarded.
“Musti’s [Mustafi’s] attitude, his training, attention levels, the questions he’s asking and how much he wants to help everybody has been really good since I joined. I think it’s a consequence of his performances.
“[Granit] was pivotal today and I think him and Dani dictated the game really, really well for the first 45 minutes. And then when the game plan changed a little bit and we suffered, they read the situation really well and gave the team exactly what they needed.
“They had to manage the game but in times they did it with great maturity and I know [Xhaka’s] character: he’s a great personality and he’s so focused that he deserves to be helped.”