You have your facts wrong. An arrow has more penetrating power due to its length and inertia. It will go right thru a bulletproof vest.
A rifle bullet has much more kinetic energy that it releases on impact and does a temendous amount of damage to an internal body cavity.
This is rifle bullets only. Handgun bullets just punch a hole through flesh. Not until you get up around 2500 fps do you get reliable cavitation.
The arrow will more then likely overpenetrate any animal you shoot it into. It will make some really nasty LOOKING wounds if it goes thru an are like a shoulder or a hip. A clean shot to the heart thru the ribs will not. In fact many times I have has a broadhead wound seal back up and stop bleeding if the deer lays down. Now I only use chisel point mechanical broadheads. And a weaker bow. I would much rather have my arrow go 3/4 thru the deer and stay in there cutting as they try to run then to have a razor sharp arrow flying at 350fps going right thru and sealing back up.