Arrows get consumed way more than the past due to their significantly lower damage, and having to deal with animal armor. Arrows shot at a creature in water cause those arrows to always be lost, and arrows have a pretty high chance to break when shot. Even if they aren't, it can be pretty difficult to locate your arrows without a custom client having functionality for highlighting arrow icons on your minimap- they're very thin, small, and often in very different locations as you chase down murdering a creature.
I suggest that when an arrow impacts a creature, it instead impales that creature and cannot be retrieved until that creature is slain (either part of the butchering process, or an action on the dead corpse 'pull arrows').
In addition to this, the arrow break chance should be significantly lowered.
Could even have visuals indicating how many arrows are stuck in a creature, and apply a special "impaled by arrow" Wound to hearthlings that requires yanking the arrow out either by hand (which produces an awful wound) or through some other method to take it out more delicately.