The Prancing Horse headed to Montreal with high hopes of moving closer to pacesetters Mercedes as they used three of their 10 in-season engine development tokens.
They made a good start to the weekend as Sebastian Vettel and Kimi Raikkonen appeared to be quicker than the Mercs on the longer runs during Friday practice, but they lost their way after that.
Vettel failed to make it out of Q1 due to a loss of power, but he fought back on the Sunday to finish P5, one place behind Raikkonen, who lost out on the final podium spot after spinning on his outlap.
"If you look at the pace of Seb during the race it's quite clear, in terms of timings, we were there," Arrivabene said.
"We had a number of circumstances – we had a problem with the seal, I'm sure without that problem Seb was really there. In terms of performance is fine. If you're asking me if I'm happy, no, I'm not happy, that's for sure."
"Kimi got good pace at certain points. He was supposed to do a one-stop strategy but after the spin we went to two-stop to try to catch Bottas but it was not possible.
"Having said so, this weekend was not a good weekend. I'm pleased for Seb because he was doing a great race but when you get points and not a podium you cannot say you are satisfied, I am not."
The Ferrari boss added that we didn't get to see the engine's true worth at Circuit Gilles Villeneuve.
"The engine upgrade was giving us the answer, a positive answer, that we were looking for," Arrivabene added.
"Unfortunately this weekend was not a good one for a number of circumstances. The response we had from the engine was good."