You can do this in ‘user-config’ as following:

(defun mo/term-send-up () (interactive) (term-send-raw-string "\e[A"))
  (defun mo/term-send-down () (interactive) (term-send-raw-string "\e[B"))
  (defun mo/term-send-right () (interactive) (term-send-raw-string "\e[C"))
  (defun mo/term-send-left () (interactive) (term-send-raw-string "\e[D"))

  (defun mo/setup-term-send-arrow-keys ()
    (evil-local-set-key 'insert (kbd "<up>") 'mo/term-send-up)
    (evil-local-set-key 'insert (kbd "<down>") 'mo/term-send-down)
    (evil-local-set-key 'insert (kbd "<right>") 'mo/term-send-right)
    (evil-local-set-key 'insert (kbd "<left>") 'mo/term-send-left)
    )

  (add-hook 'term-mode-hook 'mo/setup-term-send-arrow-keys)

Copy and paste this:

(defun term-send-up () (interactive) (term-send-raw-string “\e[A”))
(defun term-send-down () (interactive) (term-send-raw-string “\e[B”))
(defun term-send-right () (interactive) (term-send-raw-string “\e[C”))
(defun term-send-left () (interactive) (term-send-raw-string “\e[D”))

In your spacemacs.local between (defun dotspacemacs/user-init () and (defun dotspacemacs/user-config () as shown in the following:

   ...
   (defun dotspacemacs/user-init ()
   ...
   )
  
  (defun term-send-up    () (interactive) (term-send-raw-string "\e[A"))
  (defun term-send-down  () (interactive) (term-send-raw-string "\e[B"))
  (defun term-send-right () (interactive) (term-send-raw-string "\e[C"))
  (defun term-send-left  () (interactive) (term-send-raw-string "\e[D"))

  (defun dotspacemacs/user-config ()
  ...

restart spacemacs.

Now you have to use a terminal ‘shell’ instead of the default’ansi-term’ terminal, use spc-a-s-i to open a shell terminal, inside there you can cycle through commands history in the prompt using arrow keys, in erl and in iex.

hope it helps.