Arch Linux is a meme but also a really solid distro. I'm writing this from a 2+ year old Arch install that has had basically 0 stability issues. "Rolling release" gets an undeserved bad reputation in my opinion, and many arch packages aren't as bleeding edge as you'd expect. Compared to Ubuntu where I'd often have major issues in between releases, I don't think I could ever go back.
The biggest one seems to be something related to the package mirrors only partially updating, or updates of common dependencies not being atomically applied to all packages - something like that. If you do a pacman -Syu in the middle of the critical time period, the system will fail to work with some core libs (libc, libicu) not being compatible. Booting into a recovery session and doing pacman -Syu again fixes it. However, it's been years since I experienced this - maybe they've taken some steps to eliminate this failure mode?
The other big (but still rare) failure mode is bugs in the kernel. The fix is simple, keep linux-lts installed alongside the standard linux kernel, so you can always boot into lts from the bootloader if the regular kernel doesn't work.
User software can have bugs in newer releases, but they're usually minor - you'll still be able to get work done without much disruption. And that's not really an Arch issue. Unless the bug is reported & fixed very quickly, Ubuntu/Fedora are likely to also get the buggy versions, just later.
Aside from the first failure mode, the OS itself doesn't fail. I've had bad experiences with upgrading between major releases of distros like Ubuntu. They're bloated to begin with, and accumulate more cruft over time and major upgrades. Arch just works. Plus, there's lots of software in the official repos, and the AUR / package build system is also excellent - far superior to the whole PPA mess on Debian/Ubuntu, and the equivalent on Fedora.