Some of my hunting arrows weigh 780 grns and at 25 yds. hit the same area as much lighter arrows. This is out of a 55 lbs. osage bow, non-centershot. Out of a slightly heavier yew bow those heavy arrows hit the ground in front of the target. The lighter yew wood (heavier draw weight) simply cannot cast the heavier arrow.
If I were to chart the efficiency of these bows with various arrow weights I believe I would see that, as arrow weight increases, so would penetration, but at some point increasing arrow weight would cause a decrease in penetration as velocity begins to dimish more rapidly.
So the lighter osage bow can cast a heavier arrow more efficiently and accuracy can be had at reasonable hunting ranges.
I could shoot the yew bow with the heavier arrows and get good with it but I would have a harder time at the various ranges as the arrow arc would be greater.
Better for me is to find the arrow weight that the bow "likes" so that arcs are similar and adaptation to different bows less of an issue.
The heavy arrows out of the osage bow will have advantages over a lighter, faster arrow, but for what I hunt I should do well with 650 grn. arrows, on the same animals, out of the yew bow.