I had stuff like this with too stiff of arrows.
What distance are you shooting the paper? You need to shoot at all different distances to see what the arrow is doing. I start at about 10’ to get close, and then I shoot closer and farther out so I can see what it is doing at different distances. Often you can be seeing an over correction not what the arrow is doing when it comes off the bow. If your nock was too low it could be the nock travel was low or so low it kicked off the shelf and overcorrected. Both can show the same thing in paper dependent on the distance, and both would be solved by the same adjustment.
Higher than normal nock point for me has been bow tiller, form, too stiff of an arrow, or a combination.