This question already has an answer here:
...versus broken chord figuration...
In written or spoken language the ambiguity is frustrating.
Broken chord is an unambiguous term. Arpeggio is the ambiguous term.
When arpeggio is used - without qualification - is one of the two meanings more commonly implied or assumed? Or, are most people - like me - left wondering what exactly is meant?
Personally, I think of the noun arpeggio to mean a broken chord figuration and the verb argeggiate to mean execute with the embellishment. But, that's just me. In now way to I think that is conventional meaning.