The power density of an ARC reactor will be around 0.5 MW/m^3. In comparison, the power density of a PWR reactor vessel is 20 MW/m^3.
Replacing the entire inner vessel once a year would be an operational nightmare. For one thing, it ensures the building the reactor is in will have to be very large, with very large secondary bays where the intensely radioactive material of a spent reactor vessel can be moved and disassembled (generating radioactive fragments and dust).