Multiple arrow types (mostly higher tier) will not equip when using the hot bar/quick menu. So far, I have found blunt, explosive, and steel arrows behave in this manner.
To reproduce I equipped a bow and put various arrows into the quick menu. I would fire the bow, and then attempt to switch arrow type. There would be no audible loading sound, and when fired there would be no arrow used.
Remove 1 arrow from the 100 stack and put that 1 arrow in hotbar and leave the other 99 in inventory and it will work. It’s a bug and had issues with it myself before I figured it out.
