Perhaps arc is not the correct word. Just more pronounced movement. To use an analogy, consider the front of the quiver as the point on a compass used to draw a circle. If you spread the compass arms 26 inches, the circle it draws will be much smaller than if you spread the arms 32 inches. Any part of that circle is an arc. So with the same amount of bow movement, for example, the arc of the bigger circle will be larger.
Or consider a fishing rod. The tip of an 8 foot rod will move a lot farther than the tip of a 6-foot rod when moved the same amount at the base/handle. All I was trying to point out is that the longer the arrows are, the more they exaggerate bow movement, whether the movement is in an arc, up/down, backward/forward, etc. Yes, the bow tip will usually extend beyond the arrows regardless of how long they are, but a bow tip is usually dark colored and thin whereas a bow quiver usually contains 4-6 or more feathered shafts spaced apart that make a much more visible package, even with a camo cover.
Now, will that extra movement cost the hunter shots at game. Difficult to say. It's just one of several reasons that I don't use arrows any longer than they need to be. I decide the arrow length I want and tune the arrow to the bow, mostly with front end weight. Others may pick a spine and do most of their tuning with arrow length. Two ways at arriving at the same objective. One won't necessarily fly better than the other. The OP was asking for opinions on longer 400s vs shorter 500s. That's my opinion.