Your configuration will guarantee continued availability, even after one node goes down. However, availability after that depends on how quickly you can replace the downed node, and that is up to your monitoring and maintenance abilities.
If you do not notice for while that a node is down, or if your procedure for replacing the node takes a long time (you may need to commission a new VM, install MongoDB, reconfigure the replica set, allow time for the new node to sync), then another node may go down and leave you with no availability.
So your actual availability depends on the answers to four questions:
- Which replica set configuration do you use? Because that determines how many nodes need to go down before the replica set stops being available
- How likely it is that any single node will go down or lose connection to the rest?
- How good is your monitoring, so you notice there is a problem?
- How fast are your processes for repairing the problem?
The answer to the first one is straightforward; you have decided on the minimum of two data-bearing nodes and one arbiter.
The answer to the second one is not quite straightforward; it depends on the reliability of each node, and the connections between them, and whether two or more are likely to go down together (perhaps if they are in the same availability zone).
The third and fourth, we can't help you with; you'll have to assess those for yourself.