All things equal Arnie wins. Even in these "equal" shots, Ronnie enjoys big advantages. Better drugs, over 10 years older, better nutrition, better equipment, better food, better technology ( picture quality) and better skin tone. With all these advnatages Ronnie still gets pwned by a guy who competed 20+ years before!
You really see the quality of Arnies muscle when you consider he is 2 inches taller then Ronnie, and they both have about the same muscle mass in these shots.




but there is one problem here: Arnold is probably more like 240-245 in those shots, espc. the most muscular (taken in 1973), not 220ish.
if you want to compare Ronnie to Arnold, ronnie's 245 pounds in his 2001 Arnold Classic form is a little closer in terms of weight. And it shows him when he had muscular maturity, something that he certainly did not in that early stage of his career in the 95 shots.
but again, even still, the whole comparison is flawed. We are comparing different eras 30 years apart.
If Arnolds 240 pound best competed against Ronnie's 245-7 pound Arnold Classic form, Arnold would be defeated quite easily.
but if Arnold had access to todays GH, techniques, contest prep programs etc., well, that is a different story. tough to say there..