I‘ve shot arrows like that with no issues for quite a while.
But before I shot them, I‘d give them the flex test and sometimes add a little glue over the chip keep it from splintering any further. Also, I’d take a screwdriver and insert it into the shaft and press it against the inside walls… occasionally I’d feel a flex in the shaft wall or get a hairline crack to expose itself (even under the wraps and those shafts obviously went in the trash).
I never exploded any arrows that had a minor chip, but figured I was living on borrowed time and quit doing it.
Now, I’ll use my arrow saw to make cut blow the chip and use those arrows for blank baling in the garage.
If you shoot arrows over your draw lenght scrape off your vanes cut an inch off the back of your arrow and refletch, and renock. I prefer to shoot 30-30.5" arrows at a 29.5" draw so I have some wiggle room if something looks funky. I have one in my quiver now that is 29" and my coyote arrow. Or you could play it safe and trash it.
For those who are flexing this style - the issue isn't going to be shown through that test. It's at the very end of the shaft which isn't flexing. However, when you shoot you're bow all the force enters right there.
Enough bad things happen with equipment in good condition after normal wear and tear, that anything looking quirky maybe isn’t necessary, but decreases your odds slightly of a bad outcome.
Normally I wouldn’t say anything since we all adjust to our personal risk tolerance, but this past month a buddy has really had a string of bad luck related to less than ideal practices. He normally pushes things a tiny bit and cuts a few minor corners, but nothing bad happens. However, it seems every week for a month some freak breakage has occurred that neither of us has seen in 30 years other than someone else’s photos online. It has me double checking and questioning everything I do, but it’s just normal bad luck and you never know if bad things happen in clumps or spread out.
. . . That and a friend just had hand surgery this morning - anything that increases the odds of a catastrophic arrow failure is bad
I am poor so I would shoot it. I take my busted up arrows and throw judos on them for small game. That way when I miss and they explode I can't be upset lol
About 14 years ago I was at the shop and shot the back end of one arrow with another arrow. It blew up the nock and put about a 3/16" half moon indentation in the back end of the arrow. Never saw any cracks or anything other than the smooth indentation. I walked into the work room, cut 1/4" off the nock end, put on a new nock, and shot it. Then I marked it with an S for "short" and took it home. Put a BH on that arrow that season and shot my bull with it. Brought it home, cleaned it up, and shot another bull the next year with that arrow on a quartering away shot. That bull fell on it and snapped the whole fletched end off the arrow. Then I retired it. But these were also the toughest arrows I've ever shot and weaved. I've never seen any cracks at all on them anywhere for over 10 years.
For me, if a new nock fits tight, I'd shoot it. If not, then I'd keep trimming it down until it did and was still long enough. If it got too short, then toss it.
Pull the wrap and insert. Trim 1/4 inch and square the current knock end, then put the insert in that end and fletch what is currently the tip end. Then, if it passes a flex test, but the end fails, it should fail on impact rather than launch.