The lower control arms simply pivot on the shank of the bolts.
No, they don't pivot on the bolt shanks. With the OEM rubber bushings, the outer sleeve of the bushing is locked solid to the hole in the control arm, and the rubber portion of the bushing is bonded to its inner diameter; the I.D. of the rubber bushing is bonded to the O.D. of the inner sleeve of the bushing. When the through-bolt is torqued, it clamps both (serrated) ends of the inner sleeve solid to the subframe. All relative motion between the control arm and the subframe is absorbed by torsional deflection of the rubber portion of the bushing; the outer sleeve doesn't move, and neither does the inner sleeve.
Aftermarket poly bushings are different - they DO move relative to the inner and outer sleeves, which is why they wear and squeak.