I wouldnt say totally dead. Playa de la Arena is smaller than playa blanca, its got a long hilly street with bars and restaurants and a few shops.
however, you´ve got Puerto Santiago which is the next resort along with more choices, then Los Gigantes after that. So you have got quite a few choices, but it means walking a fair distance where its quite hilly, or taking a short taxi ride to get to these other choices.
if you like playa blanca, i wouls say you´ll be ok.
it has a lovely black sand beach also.