I think it's somewhat of a matter of preference, although there are probably limits as to how much overhang will work for you. I've seen pictures of primitive people shooting bows with what looks like 5' long arrows. I think they do that because they don't use a weighted point on the end of the arrow, and they need that much length to get good arrow flight.
Howard Hill thought arrows should be cut to the exact length of your draw, so the broadhead would touch your finger at full draw. Rick Welch thinks a little overhang is a good thing, because arrows that are too short are less forgiving to shoot. My own preference is to tune arrows so they fly well if they are cut 1" longer than my draw length. How did I decide on 1"? I forget.
The only useful thing I can add to your decision is that the tip of the arrow is a part of your sight picture, whether you consciously use it to aim the arrow or whether you shoot instinctively and don't pay any attention to it. Therefore, to shoot accurately, I think all your arrows should be the same length for a particular bow. If you decide to change your arrow length, it will take a while for your mind to adjust, or if you gap shoot, you will have a new gap.