With the successful release of Riot Games Arcane on Netflix, Riot Games confirmed that there will be a sequel but not much clarity on when the new season will come out. Netflix has also gone on a show canceling spree likely due to the drastic drop in subscribers.
It remains unclear if Arcane will be impacted by this but does not seem very likely. The most recent reliable update out is from Riot Games CEO Nicolo.
So far, mid-late 2023 seems like the most realistic timeframe as there hasn't been any real updates.
We will keep a close watch on any news to come but you can also follow Arcane on twitter for any updates.