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The 'arc' in arc welding is not an acronym but in turn is a reference to the electric arc that is being generated during the welding process.
If you are asking for the correct nomenclature it is Shielded Metal Arc Welding.
Almost all welding today is done with electricity (Arc Welding) even on cast iron. SMAW, GTAW, GMAW etc. --AW means Arc Welding.
Yes, arc welding does create ozone. It is because the temperatures created during arc welding convert the nearby oxygen to ozone.
Gas Tungsten Arc Welding
Gas Metal Arc Welding
Flux Cored Arc Welding