A clarification came out from USA Archery this week, which reverses what we thought was going to happen to the shot clock:

The World Archery bylaw change, which reduces the shooting time in qualification and individual Olympic, compound and indoor rounds from 40 seconds per arrow to just 30 seconds, will only apply to world ranking events in 2022, beginning March 1. This means that USA Archery events will not implement or reflect this change and our event clocks will remain at 40 seconds per arrow.

You can read more on the USA Archery news page. As you were!