...Hmmm it sounds to me like the evidence is contradicting what you think you saw. "Arrow appeared to be hanging from deer either above or sligh(t)ly behind and above shoulder." Unless you've shot an albino or piebald there shouldn't be any white hair in this location (sometimes a single strand could appear white in the right light).
Could she have possibly been at a steeper angle and the shot ended up in her neck whereby the broadhead came out her throat patch (hence the "white hair"

? From your description it doesn't sound like she was standing far enough below you to catch belly hair.
Dark red blood doesn't sound like lung blood. However I have seen neck shot deer bleed dark red blood from a severed artery. If that is the case there should be lots of blood somewhere.
If she was in fact at a steeper angle you could have glanced off the scapula into the neck. In low light at an odd angle it could appear that the arrow was sticking behind the shoulder. Unless you find her we will never know.
You did the right thing by not pushing her immediately following the shot. I would suggest getting some help and get out there tomorrow and do a through job of trailing. Don't get discouraged and don't give up. "Leave no stone unturned", as they say. There is a good possibility you will find her.
Good luck and keep us posted.