I am having a hard time getting specular to behave as one would expect from other engines, so I made a few test that show the problem (if there is one).
Beside the Fresnel reflection amount (in this case from the specular),the most influence is the chosen shader model (here GGX) with is microfacet roughness.
Additional,your geometric light position angle (incoming light angle) on the plane and the viewing angle (outgoing angle of reflection) light strength and size,IOR and roughness of the plane material,and of testsetup are important.
I too find the Specular value quite strange in Cycles. Can’t be made subtle at all, it’s completely turned off or too strong as soon as a very low value is set.
i guess you have set the specular weight ,in your Arnold settings,in the first example post?
If i am not wrong,then the Specular weight, is how much of the reflection is mixed in. IE 0.01 are 1 % overall reflection.
This is not the same as the principled specular works,look the principled specular formula in my first post.
To simulate the behavior of the principled specular with Arnold,you have to set the weight to 1,the color to white (1,1,1) and roughness 0.
Now you have to decrease just the IOR in the Arnold specular settings.
But keep in mid that the principled uses the specular conversation.you can put in the same IOR with a little math.
here a quick IOR to specular node build.notice that IOR lower than 1 does not work.