I think there are improvements, but several major issues from the first iteration remain.
You've given the bow itself 80' of blindsight, which presumably is to match the short range increment of the weapon. I think the range is fine from a flavor perspective, but blindsight is extremely powerful. This will render most traps that rely upon visual illusions ineffective against the player and to have such a feature as an 'always on' feature is extremely powerful. This isn't as powerful as True Sight, but it's far superior to the 120' Darkvision that we typically see on the comparable artifact items (specifically I'm comparing to Arms of the Betrayers (AoB) from Wildemount).
To give a sense of some of the impacts of this, currently in my 20th level game, I have players battling with Fraz-Urb'luu the Demon Prince of Lies. So much of this demon prince's ability to effectively combat the players relies upon visual illusions that it becomes extremely worthwhile for the players to burn 6th level slots on true seeing regularly so that they can make sure they're attacking an actual threat. If this artifact was in my game, it would nix a lot of the inherent threat of these illusions.
I think your best best is to make this darkvision. You can have it be 80' for the presumed thematic reasons or match the 120' seen in the AoB artifacts from Wildemount. Either way, I'd avoid giving free blindsight as it's far more powerful than I think you've accounted for.
- Gain Celestial and Sylvan
No problem, pretty much exactly what we see in the AoB.
- Magical damage and arrow creation
Consider rephrasing these 2 bullets as follows to be more concise:
This magic weapon does not require arrows, while attuned to it you can cause translucent arrows of pure energy to magically appear as soon as you draw the bow's string. These arrows deal radiant damage instead of piercing damage.
For reference, I've tried to consolidate the phrase 'magic weapon' into another feature as it's a very important key phrase and most other magic weapons that don't include inherent plus-type bonuses typically convey their magical nature as part of another magical feature (i.e. dancing sword, flame tongue, mace of disruption, etc.). Additionally, I've also referenced the sun blade for phrasing on how to convey that the weapon's damage type is wholly changed to radiant.
Additionally, as written, this feature has not granted the character any kind of flat plus on attack or damage rolls. Per your comments, this was intentional presumably in favor of giving more bonuses to other features.
I'm guessing that this feature is really important to you because of the changes that you've made to it between the first and second iteration. Unfortunately, I think it's still extremely powerful. As it's currently written, it's probably going to be an always useful emergency escape option; to mean that if you suddenly have a massive brute hitting you in melee then you can turn around, find a minion to take a shot at and escape. The recharge on short rest means that this will almost always be an escape button available to the player. For reference, the AoB Silken Spite does give the character some ability to teleport subject to restrictions and it's an Exalted property that recharges at dawn.
That said, gaining access to some spells 5th level and below isn't abnormal in the dormant state for AoB artifacts; we see this with The Bloody End, which grants a once per day dominate person along with a few other spells.
I reiterate my previous recommendation on this to simplify this to give the character a once per day misty step. The spell is cast with a Bonus Action, which will allow them to escape from an iffy situation without losing their Action and avoids many of the phrasing issues that trying to tie things to a 'hostile' creature typically creates. Furthermore, it doesn't completely negate the efforts a brute might've expended to get themselves into melee with the character since the potential distance traveled isn't so great that it negates the possibility of pursuit. Later on, probably at Awakened, you can improve this to far step once per day.
I think you're probably giving a bit too much away here. You've given Advantage on both the checks to find traps and to disable them. Furthermore, you've given the character proficiency with thieves' tools, which is a fairly substantial gain.
For reference, The Bloody End grants Advantage on just Charisma (Intimidation) checks in the dormant state. Another legendary item, the Infiltrator's Key, entire dormant feature focuses on free proficiency with thieves' tools and advantage on Dexterity (Stealth).
To fix this, I'd scale back. Simplify this to just Advantage on Intelligence (Investigation) checks to detect traps and to Dexterity checks to pick locks. The scope of the benefit is more narrow than what The Bloody End gives, but combined allow the player to have better than average odds at succeeding at the task they set out for. In case you're not sure, proficiency with thieves' tools is not required to try and use them, the proficiency just gives you the bonus. Thus, some characters which have already earned that proficiency will see greater mileage from this feature than others who don't. But even the ones that don't will benefit from having Advantage on their roll.
I think this is fine. Other AoB give features like spider climb or burrowing speeds; I don't think a 10' increase on your walking speed will be unbalanced.
Be aware that this coupled with the +1 bonus above effectively makes this tier unusual as it causes the attack roll to gain a +1 bonus and the damage roll gain an effective +2 bonus.
Per this revision, you've resolved some previous issues, but created new ones and unfortunately I don't think you've succeeded at your goal. Your intended goal is to have the player run in, allow them to bestow their aura's benefits upon their grappled/restrained/paralyzed ally and then have the ally escape on their turn using the aura thereby leaving the character with Eleutheria behind.
However, a few things to consider. First, if a monster grappling an ally wants to prevent this and their turn will occur before the ally's, then they can simply drag the grappled ally away and out of the aura; characters under freedom of movement don't automatically escape grapples they have to spend 5' of movement on their turn to do so. Secondly, should an ally instead be paralyzed by some sort of effect, it should be noted that when they are within the aura the effect is simply going to suppressed, not ended; so they'll move 5' away and then immediately be paralyzed again. Thirdly, regardless of intent, you've created a feature that heavily suggests upon players to group themselves around a character to gain the benefit; typically what happens then is players forget that they've left the aura but keep applying the benefits which leads to a potential need to retcon.
I have a few recommendations to simplify this. If you want to go extremely simple, make it so that the wielder can cast freedom of movement three times per day.
Another possibility is that you can give the character a feature similar to the Benign Transposition feature gained by the Conjuration Wizard and restrict it to once per day. If the character were to use this Benign Transposition feature with their Action, they could then fall back on their Bonus Action to use the misty step feature discussed above and thus rescue their ally.
A third possibility is to give the character a short, themed list of spells. I'd specifically recommend a once per day casting of far step and thunder step. If you've ever seen Dimension 20's Crown of Candy, you've seen how effective thunder step can be for pulling an ally out of danger. This expands on the spells available from misty step above. I personally think this is the most thematic fix as you've got a base feature that you introduced on the Dormant level (misty step and you've simply expanded it in a manner that makes sense. If you want to include freedom of movement you could, but keep it to once per day if you're adding it to this list.
Inclusion of this beam attack is dependent on how you handle the freedom of movement feature above. I think if you just do the Benign Transposition feature I described above, then you're probably fine to include this provided you scale back the DC to 15 which is in line with other AoB's at the Awakened level.
However, if you are going to grant several spells per day then I think you have to nix this feature. There's already a lot happening at the Awakened level which is toeing the line of unbalanced compared to the other AoBs and this easily kicks it over the edge.
- Second walking speed bonus
So I don't like the idea of a second walking speed bonus because at this point, you've made the character nearly twice as fast as most creatures. In order to gain this kind of speed bonus, you have to go at least 10 levels into Monk or 5 levels into Barbarian and 2 levels into Monk. Throw on top of that the gaining of an always-on fly speed equal to this improved walking speed and I anticipate problems.
I would recommend nixing this bonus entirely.
Be aware that this coupled with the +2 bonus above effectively makes this tier unusual as it causes the attack roll to gain a +2 bonus and the damage roll to gain an effective a +3 bonus.
I think this is fine at the level you proposed.
So the list of immunities you're granting are a bit unusual and feels disjointed. Specifically, I was having difficulty identifying some sort of common theme between them that you might be shooting for. Charmed and Frightened, ok so mental assaults and control. Petrified and forced prone, ok so physical assaults and control. But what about being Grappled or Restrained?
Additionally, I was having difficulty finding any comparable immunities being granted by an AoB. Immunity from Charm pretty much nixes all mind control effects, immunity from Frightened covers a lot more than just a dragon's frightful presence. Immunity from Petrified is unusual as it makes me wonder what happens when a character fails their save against flesh to stone which starts off with the restrained effect before progressing. Immunity from Prone is not a common thing and I think you're thematically shooting for the flight feature above keeping them from falling down so it makes some sense.
These proposed immunities are also pretty potent. Air elementals have a lot of them and a demilich has all of them. Alternately, you can get a lot of it from a pair of mid-level Oath of Devotion and Oath of the Watcher Paladins standing next to each other. In other words, you've got a ton of power packed in here.
As I've said before, I would simplify this. The character is under a continuous freedom of movement effect. It covers a lot of physical and magic things, but doesn't give the character immunities on par with 2 mid-level paladins.