I'm not entirely sure your assumption is correct. I regularly use bridged network devices and its been my experience that the network traffic for one of the VMs is somewhat isolated. I use KVM but the bridging technology I use are what are offered by the Linux host, so I would imagine they're maybe not identical but similar.
Also your use of arp confuses me. That command just shows what systems have recently been contacted by a system, and they're MAC address to IP address mappings are maintained in the systems ARP cache. The command arp is displaying the contents of this cache.
Example
I have a VM host + 1 guest.
host
$ arp -a
hostX (192.168.1.226) at XX:XX:XX:XX:XX:XX [ether] on br0
hostY (192.168.1.7) at XX:XX:XX:XX:XX:XX [ether] on br0
hostZ (192.168.1.5) at XX:XX:XX:XX:XX:XX [ether] on br0
hostA (192.168.1.1) at XX:XX:XX:XX:XX:XX [ether] on br0
guest
$ arp -a
hostA (192.168.1.1) at XX:XX:XX:XX:XX:XX [ether] on eth0
hostY (192.168.1.7) at XX:XX:XX:XX:XX:XX [ether] on eth0
hostB (192.168.1.100) at XX:XX:XX:XX:XX:XX [ether] on eth0
hostC (192.168.1.8) at XX:XX:XX:XX:XX:XX [ether] on eth0
hostX (192.168.1.226) at XX:XX:XX:XX:XX:XX [ether] on eth0
Bridges are Layer 2 devices, so I wouldn't expect to see any evidence of arp data on the VM host, from the VM guest.
excerpt - 9.2.5. Network Bridge - Redhat docs
A network bridge is a Link Layer device which forwards traffic between networks based on MAC addresses and is therefore also referred to as a Layer 2 device. It makes forwarding decisions based on tables of MAC addresses which it builds by learning what hosts are connected to each network. A software bridge can be used within a Linux host in order to emulate a hardware bridge, for example in virtualization applications for sharing a NIC with one or more virtual NICs.
Debugging this further?
I would employee the networking analysis tool tcpdump on both the guest and host VMs. This will likely show you where the bottleneck is.
$ sudo tcpdump -i eth0
Change the argument to -i for which ever network interface you'd like to monitor.