When shooting an arrow, for the animation it will travel a very short distance and then fall straight down. However, it will still hit things, it just looks like it doesn't. It's also way off center and the arrow texture itself displays a bug when in mid-air. This is very difficult to screenshot due to how fast it happens. I tried my best to screenshot it.
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This only occasionally happens to me, and it might be hard for a mod to confirm it. It is hard to reproduce, but it is somewhat valid. Exiting and reentering the world should fix it.