I think he plays it like you say, I don't really remember.
What do you mean with "stretchy things like op 10no1"? It's NOT a stretching exercise, you're supposed to play the arpeggios WITHOUT stretching and tiring your hand...
obviously, you have a big hand. not big enough for everything rachmaninov wrote, but anyway, if you can't make the first chords then I think you should play the bass note and then the rest of the notes. Or try other things that could work... Ashkenazy does arpeggios, it sounds fine too.