Jenkinson needs first team experience. The other thing with him is that he was solid when given a run of 10+ games, but when made to step in for 2-3 games he was often very shaky. It could also be the end for him.
I think Chambers serves as a replacement for both Jenkinson and Sagna, with him replacing the latter's contribution as fourth choice CB of course.
Reminds me a lot of Phil Jones and Wenger really wanted him. He's also versatile, so will get game time in more than just one position, and we'll see where he best fits from there. I see him ending up as an RB or CB though, with his natural CM position perhaps less likely.
He's a good player with English tax added on to get it to around £10-15 m. There's no question he'll turn out a great player though IMO. Apparently we didn't need Theo or Ox either but in hindsight they were absolutely necessary.