Two different things
Arousal is how activated a dog's body is. Heart rate, muscle tension, breathing, and alertness all rise with it. It runs from sleepy to calm to alert to wired.
Feeling, or valence, is whether the experience is good or bad for the dog. It runs from unpleasant to pleasant.
Researchers who study emotion in animals often describe feelings on these two dimensions together. That framework is widely used and well accepted. It means that one level of arousal can sit with very different feelings. A dog can be highly aroused and delighted. A dog can be highly aroused and frightened. From across the yard, they can look nearly the same.
This is why "just excited" is not a safe explanation for a dog's behavior. A dog who is spinning and barking is telling you they are aroused. You have to look closer to learn how they feel.