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Many TOS are just actually not legally binding.
For example, "browsewrap" in which "using this service constitutes agreement to our TOS" in which the service never actually shows you the TOS, is almost completely non-binding. This was established in Ticketmaster v. Tickets.com, 2003.
A TOS is, legally speaking, considered a contract. If the terms of service are updated and the user is not informed of it, continued consent cannot be assumed and the contract is null. This is a basic feature of contract law. This is also what prevents you from, for example, signing a lease on a home and then editing the lease after all parties have signed it to give you a monthly rental fee of $1. This annulls the new contract unless it's re-signed.
In addition, contract law generally states that a given contract "must be intelligible to all parties". Meaning that if the company obfuscates the TOS behind an unreasonable amount of jargon and doublespeak a judge can easily rule it as invalid if they were so inclined.
Any TOS that includes a statement about arbitration or waiving of class action rights are almost universally unenforceable because they violate consumer protection laws. This isn't true 100% of the time, but a good lawyer will make this rule in your favor more often than it wouldn't. If you're bound by an arbitration clause, and you have a reasonable complaint, you can just send the company a "demand for arbitration" via your lawyer and they'll usually have to fold.
Now, one big caveat about all this: the "subject to applicable law" line is necessary because contract law is handled differently in different areas. In the US, it is decided by state law. Naturally other countries may also have their own different implementations. I've done my best to make all of this research as universal as possible, but, details may be different depending on where you are located.
My primary sources for most of this were Bridge Legal and US Law Explained dot com supplemented by checking for court cases on OpenCaseBook (one was linked previously in this post). The US Law Explained source also lists a few more notable court cases at the bottom of their article that can be looked up at OCB.
Be careful of just dismissing a ToS simply because some parts of it aren't legally binding. A lot of it is binding and if you think otherwise, you'll need to convince a judge of why that is. That's going to require time and money that could have been saved by using another service with a more reasonable contract.
Looking at your example of arbitration clauses, while those may not work in some countries, in the US that's a different story. You can have an attorney argue that this term should not be binding, but there are varying factors that a judge will look at to determine this. Was there an option to opt out? How easy was it to opt out? How much time were you given to opt out? Etc.
Arbitration clauses can be useful for courts since they offload work to external parties. So, there is a little extra work on your part to convince the judge that they should rule out that term. In most cases your best bet will be to have the judge allow you to use an unbiased arbitrator rather than the one that's usually specified in the ToS. Even then, you'll still need to convince a judge of that.
That's likely why there are so many ToS that put these in your face and have you click a button before you can continue with anything else. So, browsing a website probably wouldn't be binding, but creating an account and using their service probably would be.
That's pretty much what I gathered from my research as well. All of this would require time and money for legal resources. If you've got those, go wild. If you don't, it's still worth reading the TOS.
It's just good to also note that many of the scarier clauses aren't actually enforceable, and rely on the user's fear to function.