the arrow material is not much different than bow wood.
by far the best is well-seasoned wood, that is not kiln dried.
but the reality is, if all one has is red oak boards from lowes to make a bow- well then one does what one can.
so yes, old, well-seasoned wood is the best, but almost anything will, and does suffice.
i am pretty scathing of the German spruce, because they try to promote it as "Sitka spruce" simply by omission. but in itself its not a terrible wood.