This patch also subsumes the recent change to fix bug#42862.

While this seems to work well for file-name-history and
buffer-name-history, whose elements typically don't contain a line feed
character, that's not the case for e.g. extended-command-history: the
above changes don't actually test that the history element consists of a
*single* line longer than window-width, but only whether the *first*
line of the element was longer than window-width.  So if the element
contains two or more such lines, as in:

M-: (setq bla "A long long long long long long long long long long long long long long long value"
          bli "Another long long long long long long long long long long long long long long long value")

<up> moves by visual lines through the lower ones but by logical lines
through the top one, which seems wrong.  I tried to accommodate such
cases, and came up with this: