Translation:He finally arrived!
I agree. There's no "guo" in the Chinese which would be a closer match for "has arrived" maybe. I guess both should be right unless somebody knowledgeable can explain otherwise.
过 and 了 are similar but the major difference is, while 了 indicates a change of state, 过 indicates a completion of state.
他去了法国 / He went/had gone/has gone to France. The "gone" state appears/appeared. At the point of time in the context, he may or may not be in France.
他去过法国 / He had been/has been to France. The "gone" state has/had appeared and finished. Unless otherwise provided, at the point of time in the context, he is not in France.
The time factor is on the state resulting from the action, and whether the action takes place in the past, at present or in the future is not the primary concern.
昨天我看了第一集。/Yesterday I watched episode 1.
现在我在看第二集。看了第二集，再看第三集。/ Now I am watching episode 2. Having watched episode 2, I will watch episode 3.
明天我看了第四集，才来找你。/Tomorrow after I have watched episode 4, I will come to see you.
Anyway, give up thinking in terms of tense, otherwise you can never truly master Chinese language.
Yep most languages don't have tense in the same way as English. And even English doesn't have it in the way we often think it does (-;
Most English speakers who don't know any linguistics use the word "tense" to also cover "aspect". Chinese and many many languages have aspect rather than tense or in addition to tense. English actually doesn't have a future tense though most non-linguists believe it does.
The main thing is don't expect to translate word-by-word or that one Chinese word has exactly one English equivalent or vice versa, and the same for sentence patters, grammar, syntax, etc.
One problem is that some native Chinese speakers are pointing out mistakes in the Chinese that are not getting fixed very quickly and this makes it hard for us learners to know when to remember the Chinese patterns here to let them soak in, and when to take them with a grain of salt ...
到了 does not necessarily be in the past. This sentence can be used in a present scenario, e.g. when the speaker is seeing a marathon runner passing the end point. Actually, because an exclamation mark is used, it is direct speech and it is very likely that it is present.
I will talk about 了 and 过 (guo) in a while.
The has is unnecessary in English regardless. Has more firmly positions the sentence in the present but whether it's in the present or not is not necessary. As an exclamation in English conveying the same meaning of at this moment we're encountering a state that has changed or has new relevance "He has finally arrived" is equivalent to "He finally arrived". The latter, like the Chinese sentence, would require temporal context information to be placed more firmly in any tenses.