ViaMichelin.com estimates the driving time to Arcos from Seville at about the same as it is from Ronda--roughly 1-1/2 hours. The direct drive from Seville to Ronda will take at least 2 hours. Rather than treating Arcos as a day-trip from Ronda, I'd plan to see it on the way from Seville to Ronda. I believe that would give you plenty of time in Arcos. I agree that Ronda has a lot more to see, so I'd prefer to make it my base for the white towns. Although the populations of Arcos and Ronda are not all that different, Ronda felt considerably larger to me--I guess because its sights are more scattered.
If you go to ViaMichelin.com to plot your driving routes and zoom way in, the most scenic roads will be highlighted in green. I see there's a good bit of green along the Ronda-Arcos route that goes through Grazalema. It's a bit slower than the fastest route, which follows an arcing path to the north. Grazalema is worth a stop if you have time en route from Arcos to Ronda. Grazalema's a lot smaller than Arcos (about 1/15th the size in terms of population).
You didn't ask, but: If I had twelve nights available, I would not split them as you are doing. Seville is a large city with many (and somewhat scattered) sights of interest. I think the city itself could use an extra night. If you aren't also spending some nights in Cordoba, I'd definitely want to take a daytrip there, which would call for an extra day. Seville to Cordoba is a lot faster by train than by car. If you drive, there are at least a couple of attractive towns along the way--Carmona (which I have seen) and Ecija (which I have not). You can Google for photos to see whether they might be of interest.
Although I like Ronda, I'd trim the time there to make room for Cordoba. Four nights is quite a lot of time for Ronda plus the white villages.
As for Nerja, I'm guessing you're hoping for some beach time there. Otherwise, four nights is a lot when there are so many other attractive destinations in southern Spain (including Cadiz and Malaga). Nerja finally has a sewage-treatment plant (guess where the sewage used to end up?), but I haven't been able to find a recent article about how it's working out. I'd recommend checking locally to be sure it's now clearly safe to swim in the ocean there. Here's an old TripAdvisor thread discussing the situation prior to opening (earlier this year) of the plant: https://www.tripadvisor.co.uk/ShowTopic-g315917-i5571-k12857308-NerjaSeaWaterQualitySafe-NerjaCostadelSolProvinceofMalaga_Andalucia.html