Ok, so I just did 4.1 miles on the treadmill at 8% uphill slope with 5-pound weights in each hand. I'm sure it works the shoulders as well, but there is definitely some bicep work going on there -- you have to keep your elbows bent, for one thing, which means your biceps must be doing some work.
It feels far more tiring than a regular jog, or a run.
The higher weights will be even better. It feels so obvious now that we see this, but it follows from common sense, with four limbs and weights the workload is far higher than a regular walk/jog/run.
There is no sense in going to back to regular plain weightless hand walk/run/jogs.