I've been using hardware store hot glue for years. Never have the greatest luck with ferreltite. Seems pickier about getting the points clean inside and I think it's a little too hard or brittle. One tip, the darker the glue, the harder it sets usually. (Notice how dark ferreltite is?) The almost clear stuff in craft stores is junk. Get stuff that is kinda yellow/brown. Good compromise between strength and elasticity. I use my propane torch and it goes real fast. Just don't overheat the tip to smokin' hot or it can actually distort the taper on the arrow and make it crooked. Sort of like heat bending. Especially happens if ya try to horse it down with a pair of pliers. I quit using pliers and just use my fingers. Put a dab of hot melt on the shaft, heat the point till you start feeling heat in the tip and slide it on with a spin or two. It'll be hot enough to spread the glue real nice. Press the point down on the table a couple seconds till glue sets and spin test. Adjust if needed.
Another tip, as a stick is used and starts getting short, just heat the unused end of the stick a tiny bit and stick it onto a new stick and you have an extra long piece to work with and no waste.