Is that how you learned Blues and Rock?
Did you learn the chords to Whole Lotta Love by Zep, or whatever, and play arpeggios over the one chord on the song? Here's a recipe that works for some.
Listen to many versions on the song including the original.
Transcribe some of the riffs and licks that hear that you really like. Doesn't need to be a guitar riff. It could be a bass line, a horn part etc.
Start playing along with the recorded versions to get a feel for the real groove of the tune. Be part of the band!
Start putting in your favorite licks and riffs in some of the blank spaces as if you were doing a call and response with the other musicians.
Jazz is not an academic exercise in arpeggio-chord matching. It is an art form and culture. So immerse yourself in the art, listen more than you play and imitate. Every blues guitarist knows the same two or three licks that Jimmy Page starts the solo of Dazed and Confused with. Yet they all play those same three licks a little differently. The Jazz culture is similar.
You will learn faster, in my opinion, by approaching Jazz the same way as other music. It isn't really mysterious.
Become a lick collector. This may make you sound like a "poser" for a while but you'll soon start embellishing those licks you stole and they will become yours. There is a good book on Jazz improvisation called Improvising Jazz by Jerry Coker. He recommends coming up with 2 new licks or phrases a day. Don't worry about what chord they fit over or what key they are in, just that you think they sound cool. Write them down and then figure out what chords those licks naturally fit over by making chords out of the lick notes. This is actually the natural way to write music as chords are just a support, harmony, to the melody. Following the chords puts the cart before the horse.