I've seen this reported elsewhere, but not here.

 

Pressing the F key does bring up a target.  I can't aim very well once it does, the target stops moving. Then I click the mouse button and...nothing happens.  No arrow fires.

 

In contrast, using the left click to knock over items with my melee weapon works just fine.  

 

The weirdest thing is that around 1% of the time, if I sit there for 10 minutes, I can get a shot off.  I did so on two occasions.  However, I can also stand somewhere forever and not be able to get a shot.  I think I'm getting to the point where I'm stuck in terms of side quests because I cannot use the arrow to knock hidden keys and the like to where the can be accessed.  

We're looking into the issue. Some have reported pressing V while the shoot tool is active fixed the issue for them. Hope that works for now.