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Ooooh, tantalise me! That particular treatment has been banned for years, neither larch nor cedar tends to be treated at all. Either way, you would be needing deep pockets for a fence like that. There is one of similar construction about a mile from me, but I think it's probably treated softwood, I'll photograph it. Just to give an idea, 9x2 (nominal) treated softwood is around £5/m, so a 6'6 by 6' panel would cost about £80 in timber, plus posts, concrete and labour.
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tantalised cedar or larch planks
'tanalised'
This and following comments from @mespilus are worth pointing out:
Also someone here was asking about horizontal fence panels.
I remember seeing sawn could have been tantalised cedar or larch planks roughly 200 x 38 stacked between concrete slotted posts, which looked amazing with brass cross bracing for security. I should have photographed it.