Good post Tim....and timely!!! This could save someone else from a missed opportunity...pun intended.
The arrow may shed the water AT release, but the bow will have to start moving more weight at release also. Not to mention shooting in a heavy rain.
Don't forget...the limbs will also be wet and holding water at release...and you arrow rest will have water shoved off...and your string will be wet.
There's a LOT that's wet. I've tried to convey this to folks that seam to just want silencers that wont hold water....yet they don't think about the rest of their entire equipment being wet.
When its really wet, I cut my yardage down 5 yards....and take normal aim....or, I aim at the top of the vitals...all depends on the scenario.
Wet equipment will be slower, its common sense and science.