I understand that veins have smooth muscle to control blood flow and the smooth muscle acts like a valve. But it sounds like arteries, arterioles and venules would have it too, no?
The venous system has very little muscle. It relies on valves and skeletal muscle contractions to control blood movement.
The arterial vessels definitely have muscles to control blood flow. Large arteries can contract, but it is contractions at the level of the arterioles that really control blood flow and resistance to flow.