There isn't any difference from what I can tell, without having done any tests. It's just like the heat factor, or fatigue rate.
It does not make any difference worth bothering about (in vanilla).
Also I'm quite unconvinced that using flaming arrows increases accuracy at night.
From what I can tell, it doesn't. It's better to use normal arrows at night, and use normal artillery projectiles. You clearly get more kills per volley using standard ammo at night than using fire ammo. Someone should have thought of flares !
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