Great thought experiment!!
Acceleration of return is a thing that is not if ever brought up, when clearly it's so important. I'm guessing wood, in general, has a similar return rate, so it's mostly ignored, but it's possible some species are more springy than others? However, I think you can mostly address it with efficiency. That gravity shot is not very efficient at all. How hard is that weight going to hit the ground even when you put an arrow on the end? I'm guessing pretty dang hard. That means it still has a lot of that energy and it wasn't transferred well to the arrow. talk about hand shock. Could you imagine hand shock equivalent of 40 lbs hitting your hand after being dropped from 2 feet?