It is very processed. I think I looked at the ingredients when I had a relative that worked there. I don't know if that was always the case with them, but their sandwiches seemed to taste a lot better when we first tried them in the 70's/80's.
There was a small chain where I used to live called Lion’s Choice. It was freshly roasted beef piled high on freshly baked buns, all prepared on site. The best roast beef sandwiches ever. When I saw a sign for a Lion’s Choice in my new town I was overjoyed, but when it finally opened and I went there it was no longer the same. Same exact processed crap as Arby’s. They lasted six months.