Wonderful. You have a facile technique that helps make this etude flowing. It's almost too facile!! I'm not saying that it has to sound difficult, but there is something missing musically. a certain depth. You're certainly right in thinking the left hand is not sustaining throughout the etude. This happens when we get caught up in making sure the right hand doesn't flub it up.
I would suggest a certain way to practise this. Without changing the tempo, exaggerate a crescendo in the ascending part of the arpeggio, stopping on the first note of the following measure. At this point, descend without thinking of a diminuendo but only a lightness of the fingers. In this way you create a wave-like figuration. Similar to the "ocean" etude. Each wave is a different harmony. A different sound. When the harmony changes at times in the descending passage, change the pedal, but only lighten up the hand as you go down.
Sustain this all with a booming left hand and don't be so concerened with those 16th notes.
Brava. This has all the makings of a first-rate performance!