It's just a static buffer that you can use for temporary allocations, e.g. to return an array of 50 int32's to a parent stack frame you can just allocate `50*sizeof(int32)` bytes on that buffer and return a pointer to the beginning, instead of a heap-allocated `std::vector<int32>`. Every allocation advances the head of the buffer, so you can have multiple allocations alive at the same time.
Every once in a while you need to free the buffer, which just means resetting its head back to the start - in the case of games the beginning of a new frame is a convenient point to do that.
This doesn't solve dynamic memory in general, as it can't be used for long-lived allocations, it just saves you a bunch of temporary heap allocations. It doesn't solve all problems that RAII does either, as RAII is often used for resources other than memory - files, sockets, locks, ...
[1] https://www.rfleury.com/p/untangling-lifetimes-the-arena-all...