If the arbiter is publicly funded and therefore without bias, sure. In the UK that is ACAS. If the business you have a problem with is paying for its own arbitration service then you are automatically on the back foot.
The problem is more firms having a voice in selecting the arbitrator than them paying for it [1]. TL; DR If you're going into arbitration, don't be passive about the selection process.
[1] https://www.hbs.edu/ris/Publication%20Files/19-046_6706ef32-...