Let's assume we have a level 10 Arcanist, who has taken the School Understanding exploit, and chose the Air School. This will get her the Air Supremacy feature from the Air School.
Air Supremacy Description:
Air Supremacy (Su): You gain a +2 enhancement bonus on Fly skill checks. This bonus increases by +1 for every five wizard levels you possess. In addition, you can cast feather fall on yourself at will. At 5th level, you can cast levitate on yourself at will. At 10th level, you can cast fly on yourself at will. At 20th level, whenever you make a Fly skill check, assume the roll resulted in a natural 20.
I'm fairly sure that without using any arcane points, the arcanist would now be able to cast feather fall on herself at will.
Where I'm less sure, is that if she uses an arcanist point, can she now cast fly on herself at any point for the next minute? And presumably that fly spell would last for 10 minutes.