Bow and Arrows functions identically to the Hero's Bow in previous titles in which Link can charge the move to increase its speed and distance, however the move can no longer be held indefinitely, and will be released after three seconds.
As a new mechanic unique to the move, as opposed to the arrows disappearing when connecting to the ground, they will linger for a period of time, where they can be picked up by Link or other fighters to be used as a throwable item to deal slight damage and flinching. If Link uses Bow and Arrows whilst holding an arrow, he will nock the arrow into his bow, resulting in two arrows being fired for increased damage and knockback.
As part of tradition for the Legend of Zelda series, bows serve as Link's primarily method of ranged combat. Specifically for Bow and Arrows, Link uses the Traveler's Bow from Breath of the Wild, which is one of the more common weapons in the game, and is found relatively early. The arrow's ability to be picked up after release is a reference to arrows functioning the same in Breath of the Wild. The ability for Link to fire two arrows isn't an attribute to the Traveler's Bow itself, but to other Bows in the game which allows for multiple arrows to be fired at the expense of one.