Saka, wearing the captain's armband in place of the injured Martin Odegaard, had given his side an early lead with a glancing header from a Declan Rice cross just five minutes into the match.
Arsenal appeared to be in control when Piero Hincapie scored to double their lead after halftime. A victory would have extended their lead over second-placed Manchester City to seven points. However, the league's bottom side, who had only secured nine points all season, mounted an unexpected comeback.
In a post-match interview, a visibly disappointed Saka admitted the mood in the dressing room was "very flat."
"I’m very disappointed with the result and especially how we played in the second half, it’s far from the level that we’ve set this season," Saka told Sky Sports.
"It’s time for us to reflect... and just fix the issues immediately so we can get back to winning games and going on a run and build momentum because we’ve lost that a bit right now."
When asked if the team was feeling the pressure of the title race, Saka dismissed the notion.
"No, I don’t think about all of that," he responded. "I just think we need just to get back to our level, just do the basics right. And we’ve got more than enough quality in this team to win games."
Bukayo Saka criticised for reaction to Wolves draw
While Arsenal legend Martin Keown supported Saka's comments, Hoddle offered a different perspective on the captain's post-match conduct.
"That’s interesting, that, because he was the skipper tonight," the Tottenham legend commented.
"For me, he was very honest... but his demeanour for me wasn’t right. Your demeanour needs to be a little bit more up. He was very flat, very flat."
Hoddle also expressed concern about Arsenal's recent form, suggesting a dip in confidence is affecting their title charge.
Arsenal's next challenge is a crucial North London derby against a Tottenham side that recently parted ways with manager Thomas Frank.