Speaking as an archer - range makes a HUGE difference. I recently gem-upgraded my HLB and got +100 range and it's EXTREMELY noticeable. It can shoot from one corner of a dungeon room to about 98% of the room, except the exact opposite corner, and in open field combat it makes a world of difference (read: many shadow missions, raid bosses, certain dungeons due to their size...). Additionally, aim time is a factor of your maximum range - if you have 2,000 range, and the enemy is at 1,000 distance, then you'll aim twice as fast.
Speed is also a HUGE deal with bows. I actually love a good Elven Shortbow thanks to its speed and range upgrades, allowing it to fire very quickly and just pin a single enemy DOWN with rapid fire. Longbows are slower in unclear ways, I can't put my finger on an exact method but using them for years there's a definite difference in how rapidly you can do things.
The DIB having longer range than even a Wing, and the speed of a tweaked out Elven Short, with greater power than a Highlander, makes it a truly terrifying weapon in all regards. It doesn't get the infinite ammo, but as an Elf who relies on Magnum Revolver, I can assure you that the 2 quivers I hold will last me a solid week or two, and you can pick up a 1,000 arrow pack for like 10k.
A note on bow speed: it's rather like weapon hit rate. A dagger hits like 5 times while a big sword hits only two. Think of having a Claymore that has a 5 hit combo.
A note on durability: Bows lose .001-.0015 durability per shot (with blessing), estimating average .00125 per shot, that's 800 shots per point of durability. HLB has 13 after upgrades, about 10,400 shots. For an elf with two quivers, that's 10 restocks, give or take. DIB has 16 dura, and the only gems are for +2 for a total of 18. Bhafel has 15. You can also equip Handmade arrows or Jousting Metallic Arrows for extra damage - not as much as Bhafel Huntress, but probably enough to overcome the difference in stats.
TL;DR - Range and speed are important. Bhafel is a 'casual' bow for those you dislike restocking. Demonic Infinite Bow is the one you want if you want to really own.