This is an immersion-breaking problem so bad that I can no longer enjoy playing my level 44 Nightblade. You used to be able to unknock an arrow in several ways, but now there is no way at all to do so if you've drawn but don't want to fire because you want to avoid being seen or just don't want to feel silly by having to shoot it into the wall or the ground, etc..
This should be a very simple fix, but myself and others have been mentioning it for months without satisfaction. Please allow players some way to unknock arrows again so I can return to enjoying my Nightblade.