I have been trying at this for years..
I know many people will disagree. But my way of thinking says it is not okay and the arrow you have shown is not good.
The shortest distance between two points is a straight line, so a snakey arrow shaft is by definition wasteful. There's a lot of weight in those nodules that you're sacrificing cast and acceleration to. The nodules also create hinges which can negatively affect accuracy and increase the chances of a break, by hampering the total shaft flexibility. While I have no doubt a shact of this type can and has been made to fly over 170fps fo over 200 yards, it could be improved.
After years of agonizing trial and error, I found the way to get shafts like that one straight. It consists of looking down the spine, kind of like in your picture but towards a light source, and attacking each nodule, piece by piece. Cut each one down or scrape it down as best as you can, checking your work frequently by pointing the arrow toward a light source and looking closely down the spine, holding it the shaft almost as if it were a telescope and your eysight nearly level with the shaft.
Smoothing these shafts has to be done in a circular, lathe-like fashion. That's because cutting the nodules off creates ridges and bumps that you can't remove by running the shaft backwards and forwards along a sandstone, like I often see people doing. That doesn't remove ridges easily. In fact, it just creates new ridges.
One way to do this is to put a flat piece of sandstone on the floor, or your thigh, and pull the shaft towards your body while pressing down and rotating it in a circular fashion as you pull it along the surface. This requires only a bit of effort and practice; the most difficult part is keeping the sandstone still, as you have to FREQUENTLY wet the sandstone to have any hope at removing this much wood. Keep the bottom surface of the stone and your thigh as dry as possible, or devise some wsy to fix it to something.
Eventually, when pointing the shaft at a light source, after many runs of cutting the nodules snd sanding them down, these nodules cease to become like nodules become like little "shadows" in against the light. At that point, further attempts to smooth the shaft become a retentive preference.
The "cheater" way to do it is to get on your knees on a big concrete sidewalk or patio, and holding one half of the shaft flat on the concrete with one hand, push it along the surface while rotating it in a circular fashion with whatever hand is closes to your body. You do this back and forth, spanning a distance of three feet or more, rotating your entire body. This works very fast, requires almost no precision, and produces a perfect shaft, but you have to be careful because you can remove way too much material, which can lead to an exposed pith. Also, don't use rough concrete. Rough concrete destroys arrow shafts RAPIDLY.
You may also be able to use a lathe. All I can say with certainty is that getting shoots perfectly smooth and round is a Herculean task, which is addicting but also makes you hate shoots. The circular, lathe-like sanding motion, and looking closely at the wood pointed towards a light source to see where you're at, are critical to have any chance of success in less than an hour's time. You gotta work fast and carefully.
Be careful cutting or scraping. It's very easy to cut or scrape too deeply in to the nodules, creating a new problem. Hold the shaft towards a source of light and look nearly parallel very closely at the spine, while running your index finger and thumb up and down the shaft to feel for nodules, ridges, or dips --can't stress this enough.
And your shaft has to be DRY and SMOOTH when you look at it, otherwise the shaft is lying to you, because the grain rises when it is wet and/or roughly scraped. Take a pile of wood shavings in one hand and use it like a rag to burnish the bastard twig, pushing and pulling it through the shavings while saueezing them down firmly in one hand, to dry it off and rub off any fibers that are hanging loose on the shaft. You have to do this every time you look at the shaft, so be prepared to be doing it dozens of times in an hour.
Another thing that really helps is to compare two or three arrows side by side. Comparisons from one arrow to another really help you notice the imperfections, especially with white wood. It may also help to use calipers.
