As valued by a rider with horse sense? (4)

I believe the answer is:

arab

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'horse sense?' is the definition.
'arab' can be an answer for 'horse' (Arab is a type of horse). I'm not sure about the 'sense?' bit.

I don't understand the rest of the clue.

Can you help me to learn more?

(Other definitions for arab that I've seen before include "Horse of a breed originating in the Middle East" , "Someone from the Middle East or North Africa, perhaps" , "One from the Middle East or North Africa" , "Small, lively breed of horse" , "Saudi or Omani, perhaps" .)

I've seen this clue in the Evening Standard.

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