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Does arguably mean "something could be argued", or "could be arguable, is debatable or questionable"? But more often it seems to emphasize an adjective, for example:

It is arguably the best, the finest, the most powerful, etc.

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I think of it as a strong term to use at the front of a sentence indicating some case may be made. I would generally use it when I have an opinion but am allowing for doubt.

Arguably, baseball is the American sport.

Certainly, baseball is a dominant sport in America.

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