No, the person arrested does not have the right to have the records destroyed even if he was wrongly arrested. The Criminal Justice and Police Act 2003 allows samples and records to be retained indefinitely from people arrested (whether lawfully or not) and from people who voluntarily gave samples in (for example) a mass screening exercise aimed at identifying a specific offender.
There have been one or two test cases where people have sought to have their samples destroyed but, as far as I know, none has succeeded.
It seems (without delving too deeply) that once your DNA has been obtained, there is little you can do to have it destroyed and the records removed. It would therefore seem to follow that the records may be used at any time in the future to help secure a conviction.