The Palm Wood Bow is similar to the original Wooden Bow, but it has improved damage and a higher velocity.
Its best modifier is Demonic, as it does not have any knockback and thus cannot get modifiers that affect it. It can also get the Deadly modifier, which, while the Demonic modifier may provide the greatest damage per hit, grants a higher increase to the overall DPS.
Nonetheless, the Palm Wood Bow can still see use if Palm Wood is found near an Oasis, as the evil biomes are dangerous to early characters. The Boreal Wood Bow can be seen as an alternative, easier to get as the Snow biome is large and easier to find compared to Oases.