It is misleading to say that speed counts more towards KE. Counts more than what?

The initial kinetic enery an arrow will cary is equal to the energy stored in the limbs of the bow minus the amount of energy wasted in the launch. Heavier arrows shot from the same bow waste less energy in the lauch and consequently cary more initial kinetic energy. Can lighter faster arrows cary more KE than heaview slower arrows. Of course but that doesn't say anything practical. A practical statement is that if you shoot a heavier arrow out of the same bow it will cary more KE than a lighter arrow shot from the same bow.