Playing on Survivor mode, hard difficulty with immersive bow reticle enabled.
The 3 pronged aiming reticle re-appears after using the owl to tag enemies. The only way to get rid of the on-screen reticle is to turn if off and re-enable the option again.
However, the problem persists after using the owl again.
Just want to add that this happens for me too on Survivor mode, hard, on PS4 pro. Perhaps too late to see a fix for this, but it's annoying enough for me to post anyway. I'm having a great time with the game and survivor mode otherwise. With just a bit more time and love put into the details, AI, and crafting, this would definitely be one of the greatest games ever made in my book. The setting, graphical style, atmosphere and sound design is very close to perfect.