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This is also very true. Arena War is not at all a good way to make money in-game and the vehicles are very expensive. In my case I bought the Workshop plus Deathbike and Arena Issi, which overall cost me around $6m, maybe a bit more. However, if the OP likes those game modes more than other stuff in GTA Online, I say spend your money on what you find fun.
You might also keep an eye on the loading screen slides for targeted offers. I started playing Online a few weeks before the Doomsday Heist DLC arrived and a couple weeks after it did there was a "Just for You" offer to get a rebate on buying the Facility including the interior upgrades. I think 40% off, but I don't know for sure if those are still a thing. I just feel like if those are still going on, you might see one for the Arena Workshop.
To steal a car for I/E, you start that from the CEO office laptop. The office assistant will give you the target, then you go grab it and take it to the warehouse. There's practically always a gun fight doing so, but nothing too extreme. The annoying thing is that once you deliver, you have to go back to the CEO office to source another vehicle to add to your collection. The way many players maximize their profit from I/E is to get a full inventory of vehicles at the warehouse, 10 low end, 10 mid range, and 10 high end, then you only sell the high end cars so that's all you have to steal going forward. Just be careful when moving them around, as the costs to repair can add up substantially, potentially eatting away a healthy portion of the possible profit.
When delivering, if you're in a lobby with a fair amount of players, you just have to worry about attacks from them. However, if you're in a small or mostly empty lobby, attacking NPCs will spawn during deliveries. There are crews you can join that are all about running different cargo and keeping lobbies friendly and private, so that might be worth looking into, but I don't have experience with them directly myself.