One thing I would like to add from an interaction design point of view is the principle of navigating the user.
I agree with the comment that the usefulness and usability of the component should be based on testing, as should all aspects of your design.
But principles such as navigating the user dictate that you should know where you are, where you have been and where you can go.
Having dots, whether they serve a functional or aesthetic purpose give feedback (another interaction design principle) although it's loosely applied here.
The arrows are an obvious choice for reducing cognitive load for the user, e.g "thanks for providing me with visual structure, I'm guessing I can go back or forward"
It's your responsibility to test and find out what combination works and what doesn't, especially when it comes aesthetic styling.