BAK, for our purposes, the fact that the arrow must flex is true because the force vector is never perfectly in line with the center of the full length of the shaft. Unlikely to ever attain that situation with a bow or crossbow.
Would be interesting to do some high speed photography with the so called "air bow" that Crossman is now marketing and trying to get into archery seasons. It's an air gun that shoots an "arrow". Compressed air shooting an "arrow" out of a tube. That comes closer than anything yet to placing "the force vector perfectly in line with the full length of the shaft."
Given that an object at rest tends to remain at rest, and given that arrow points weigh considerably more per inch than the shaft, there is still weight on the front of the arrow that the entire arrow needs to get moving. Though there will be compression from the rear, there will also be flexing in the middle of the shaft, unless some material can be made that doesn't bend under stress. That's why I think even the shorter, stiffer bolts used in Crossman's latest contraption would flex, though one would need high speed photography and probably other technology to detect it.