Do you want to get good at playing notes or playing music?
If you want to get good at playing notes, play Hanon. If you want to get good at playing music, play Chopin, albeit musically. Now, there are some people that can translate their Hanon skills into musical playing, but more often than not to do that you'd have to play Hanon musically, and if you were going to do that, why not just play actual music?
That being said, Hanon does have its merits under proper instruction.
While the method you describe does help (and to practice those I recommend Beethoven Sonatas since he loved his arpeggios for whatever reasons that are far beyond me), it's almost useless if you don't know WHY you're practicing like that.
Think about what you're trying to achieve. Perfectly even arpeggios. (The C#diminished 7th one comes to mind on Appassionata Mov. 3) Instead of focusing on just "doing it," think about what your body needs to achieve to hit perfectly even arpeggios. You have to get all the hammers to strike at the exact same velocity, evenly apart in terms of time. Which means that for each finger, you need to attack the key at the same velocity, and at the same time intervals. Are you getting "stuck" on any of the keys? Sliding past any of them too fast? Putting excessive force or excessive weight in any of the fingers? Are your fingers not supported by the rest of your body? Are your fingers carrying your weight? Fix those problems, and "even" arpeggios might be easier than you think. ^^
Also, another thing to note is that when you are traveling up on grand pianos, you'll have to make some adjustments to get an "even" sound because the lower registers are louder/last longer than the higher ones.