Specific to neonates, both preterm and term, consider why you want to get an arterial sample and how you will obtain it. Assuming one isn't far enough along in the course of the disease to have an arterial line (UAC or peripheral), then it requires a stick. This is not all that easy to do in a tiny baby and also tends to lead itself to a drop in oxygenation, especially if one misses the first try.
If the issue is ventilation and pH, then a warmed capillary blood gas may suffice, especially if done by someone who knows how to do it properly. If the issue is overall respiratory status in a newborn infant, often in the first hours of life a pulse oximeter and a capillary gas will suffice. If the infant is getting sicker or there is serious concern of pulmonary hypertension, then a true peripheral ABG can be tried, but often it is most effective to place an arterial line in that circumstance.
Regardless, I do agree that in most circumstances, clinical judgment is important and blood gas results shouldn't be relied upon over that judgment. However, knowing pH is helpful clinically and certainly as oxygen requirements increase about 40-50% via hood, etc, a true arterial paO2 is helpful along with the pH.