The term arpeggio gets used in two ways, as a type of embellishment of a chord represented by the ways line...

...and also to mean playing the tones of a chord separately in a line...

The second mean is often called arpeggiation - as a process, like in composition - and sometimes it's called broken chord.
The embellishment is normally played from bottom up, very fast, and sustaining all tones for the duration of the chord, whereas arpeggiation can order the chord tones freely into a line (tons of melodies are just the result of the arpeggiation process) so there is a clear aural difference.
The difference between the two meanings is usually understood in context. If someone were to say the opening theme to Eine kleine Nachtmusik is arpeggios, it's understood that they mean the broken chord/arpeggiation process not the wavy line embellishment.
The device at the beginning of Lolly, Lolly, Lolly, Get Your Adverbs Here! is arpeggiation, a broken chord. Even though the tones go from bottom up and are sustained it's performed fairly slow. You wouldn't notate it with a wavy line, but write out full durations with long note values.