Aubameyang was stripped of the team's captaincy after falling out with Arteta over disciplinary issues last season. His contract was then terminated ahead of a February move to Barcelona.
The Gabon international, 33, scored 92 times in more than 150 appearances for Arsenal and returned to the Premier League in September, crossing the London divide to sign for Chelsea where he has scored three times in 11 games so far.
A video circulated on social media last month showed Aubameyang criticising Arteta for being unable to manage "big characters and big players". The striker later clarified his comments and wished the north London club well.
"This is the dressing room we have now," Elneny told British media ahead of Sunday's league trip to Chelsea. "Everyone loves each other and everyone works for each other. This is what actually makes our squad really strong, because we don't have egos in the team.
"Now everyone looked at themselves because Mikel did that to the captain of the team. What is he going to do with another player? Everyone is scared with their position because this happened to Aubameyang.
"Of course if anyone is not the captain of the team, does a small mistake, they are going to have the same problem, and no one needs that problem. We agree with what Mikel decided because he is our boss and we just have to agree what his vision is for us."
League leaders Arsenal have 31 points after 12 games, 10 more than Chelsea in sixth place.