Ok, before it sounds like I'm ranting I'd like to know one thing: what is it you have in mind when you say "arcade game"? I think we have a difference in understanding of the term. I'll explain my reaction so you see where I'm coming from:
I undertsood what you were saying up to this point, but I don't get how you can call LOZ (I assume you mean the NES one) a game you'd expect on arcades. You say it's because of a reduced emphasis on story, but that doesn't make much sense either. A lot of the better console games (at least in my opinion) also have reduced emphasis on story. Besides, it's nonsense to say LOZ might as well be an arcade game because while you could probably make an argument for the combat being arcade-inspired (based on dominating skill-based systems across short play sessions, which to my knowledge was mostly an arcade tradition until consoles like the NES came around), the general structure of the game was not made to acomodate arcades at all. It was made with the assumption that the player would be able to save and would have to finish the game across several sessions of play. If a game with more unique assets than a player could reasonably be expected to see in one or two sittings was put in an arcade game, it would just be a waste of time and resources for the developers and a short-change for the player. If anything it's more like the big console games that come out today; even if the scale is comparatively smaller to games of the same type these days, the goals it tried to achieve were the same.
I get that I probably come off as heated with the last paragraph, but I'm genuinely curious. Feel free to ignore this post if you think I'm being unreasonable. I mean, if all I managed was to turn you off this conversation then I should probably watch my tone more. My aim is to understand so I can follow your line of thought better, since I don't think I entirely disagree with it.