your arrow choice stops mattering
Everything you load turns into the same bolt, and none of the special behavior survives. Holy Arrows do not rain, Ichor Arrows do not debuff, Jester's do not pass through walls. Pick whichever arrow carries the highest raw damage and ignore every other property it has. The Endless Quiver still functions, so you can run this without ever thinking about supply.
bouncing is the weapon
The bolts are quick, ignore gravity, and shrug off water, and they rebound several times off walls. In a boxed arena that turns one shot into three or four chances to connect, which is why it is a strong pick for Plantera in an enclosed room or for a Dungeon run. Out under open sky it is an ordinary bow.
a trick worth practicing
At a shallow angle a bolt slips through a single block of wall instead of bouncing off it. The easiest way to set it up is to bounce off another surface first and let that fix the angle for you. Once you can do it on purpose you can hit things standing behind cover, which no other bow manages. Sloped blocks behave oddly too: bolts ride up the slope and fly off the top rather than deflecting.
the falloff is steep
Each body the bolt goes through takes a large bite out of what the next one receives, much larger than the loss from a wall bounce. Against a packed crowd the back rank is barely being touched, so treat the pierce as a bonus rather than a plan.