While the delayed explosion looks cool and sounds cool, on bows it reduces the ttk by something like .5 of a second. Consider that all bows take a minimum of 2 arrows to kill, but with the delayed explosion which reduces the impact by 27%, that means that while 2 arrows will still kill you have to wait the .5 seconds for the explosion to kill your target. In that time you can easily be hit by 1 hand cannon shot, 1 pulse burst, 3-4 auto rifle bullets, which typically results in you dying at the same time as your target. Especially since most primaries received buffs in the shadow keep update.
I think the best fix would be to make the arrow explode on impact or increase the stagger of arrow impact making it harder for enemies to land shots between the impact and explosion.