The hair UNDER my arms, yes. I shave it every day in the shower.
But, the hair on my actual arms, no. I'm blonde and fairly hairless as it is. I don't even shave my legs except for a couple of times a year in the summer. I know that sounds gross, but I really don't have hair on my legs either.
I do know women that I think probably SHOULD do something about the hair on their arms. No judgement, but one, in particular, is a very attractive and successful business woman who has more hair on her arms than most men. I'm not exaggerating. It doesn't seem to bother her, but I'm pretty sure if it were me, I'd find a way to get rid of it.
Just my opinion.