I'm pretty sure devs said loot reroll WONT affect your odds at getting arcanes in anyway. Here's the screenie.
Your point caps at mythics. But in the case of arcanes and heroics, you don't reroll at all. When you see a reroll message after looting an arcane, you would have gotten the same arcane loot even without elixir. In order words, loot reroll on arcanes/heroics doesn't upgrade your loot, you just get the same initial loot. The message is fugazi.
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