This is possible in default Minecraft through shader magic. [This pack by DartCat25](https://www.planetminecraft.com/texture-pack/itemed-arrows/) achieves this in vanilla.
Custom arrow models have recently become possible with OptiFine CEM, so I’ve also added this feature to [my resource pack](https://www.curseforge.com/minecraft/texture-packs/mickey-joes-relatively-improved-default), which is the pack in the screenshot.
by MushirMickeyJoe