Not better, more entertaining. While Season 3 and 4 might have been abysmal, Season 1 and 2 were still pretty solid with some great action and memorable villains. And it's apparently making a comeback with Season 5, though I can't judge, because I dropped it too after Season 4. But like you, I will watch it eventually.
And I think Chris is right, the fact that Arrow is more lighthearted and can be pretty cheesy at times, is definitely giving the show a lot more leeway. And that's my problem with Iron Fist. It's just not really entertaining. I came for Kung Fu action, mysticism and Asian lore, and there was simply nothing that left any kind of lasting impression on me. I really enjoyed the drunken fist dude, because he was charming and fun, and I would have loved to see more of him, but even his fight wasn't really all that impressive. And sure, Colleen was great, I am always happy to see more of Claire and Madam Gao delivered as always, but they are not saving the show from simply being way too bland. I am struggling to think of a scene that I'd like to rewatch.