I don't see dimensions, but to my eye, I still think you are bending wood that is too thick. MUCH better attempt, though! Form looks awesome.
Yes, leave the wood in the form until it is completely cool, and some would suggest until it is completely dry. Once curved, I often return them to the form and do my heat treating with them in the full curve like that. 3" is a hell of a lot of reflex for SOME bow designs, actually. depending on the style of bow. Big, sharp recurves require wide limbs below them, and sometimes even a bit of deflex. Which leads me to the next thought........
I think that bow looks way too narrow for a red oak board bow, and a little narrow for anything with that big a recurve, unless another design compensation is made.
When making a recurve like that, I get the bow to floor tiller or even strung dimensions, then add the recurves. Tiller will change, but stiffnes just went up, and you proved the wood cn take some bend.
That cracked belly on the recurve is rerpairable with some simple thinning and some overlays. Hardest part is working them flat enough to match the overlay while glueing.
And, BTW, I PM'd you about getting some staves and bow wood into your hands, so check that.