The problem with the idea that folks should limit their shots to their effective range is that for most folks their effective range is a lot less than they think it is. It's one thing to shoot at targets at 30-40 yards. It's quite another to shoot at an animal at that distance. In my 40 plus years of hunting and an awful lot of state and regional tournaments, I haven't seen but a handful of folks who could shoot good groups (six arrows in a six inch circle, no fliers) at 30 yards. And, additional factors come into play when the animal is that far or farther away. Brush that the shooter didn't see, or the animal simply moving a half step while the arrow is in the air are two big ones.
Sure, people kill animals at 30-40 yards and further with trad gear, but very very few are skilled enough to do it and it always involves an element of luck in that there likely was no unseen brush in the way and the animal didn't move while the arrow was in flite. We tend not to hear about the animals that were missed or wounded at those distances. Missing and wounding occurs at closer ranges, too, of course, but the farther one is from the target, the greater that chance and errors are magnified.