I would say that Arch is one of the best distros in terms of hardware compatibility. It has rolling updates and rich user repository (AUR). But in most cases the supported is the same across all distros, they all are Linux and in most cases it’s more about vendor being generous enough to provide Linux support.

Regarding gaming: Steam OS is actually Arch-based so you can be confident that it will run Proton flawlessly too

Arch is a barebones distro which can do practically anything.

But then most Linux distributions can do almost anything. I think you can take Ubuntu and put a different desktop environment on it if you wanted.

Once you realise that all Linux disros are just a standard Linux kernel, some drivers and your package manager of choice, and that everything else is just a preconfigured package so you don't need to set EVERYTHING else up from scratch, you realise that all Linux can run everything.

Arch is barebones, and this means there is unlikely to be anything that prevents you from getting what you want installed and functioning, but if your definition of hardware compatibility and compatibility in general means that it isn't just available as a single click on an app store, then you probably aren't looking for a barebones Linux, you're looking for a preconfigured package which is harder to find IMO.

I personally love Arch, it takes work to setup, but you get to understand almost everything about your operating system and the applications installed on it. Documentation is very good too for most things and troubleshooting.

If you want a package based on Arch to get started quicker and not need to learn much, then I think Manjaro is your best bet. But I've never used it since I just created my own lean setup with things I need and none of the things I don't need.