Don’t do any factory resets, please.
Try unplugging it, and any other Sonos devices from power. While they are unplugged, reboot your router. Once the router comes back up, plug back in all Sonos devices.
It’s also worth checking the wifi interference FAQ, paying particular attention regarding interference from outside your network.
But if neither work, I would recommend that you submit a system diagnostic , and call Sonos Support to discuss it, or post the diagnostic number here for a Community Moderator to pick up. If the Arc is your only Sonos device, you may not have the opportunity to submit that diagnostic, in which case I would call in.
There may be information included in the diagnostic that will help Sonos pinpoint the issue and help you find a solution.
When you speak directly to the phone folks, there are more options available beyond just the diagnostic analysis. For instance, when they are talking to you on the phone, they may want to ‘remote’ into your system, something that can’t be done when on chat or responding on these forums.