I wouldn't re-set the clock on this, assuming the violation was on the initial touch; but the rule seems vague to me. For evidence, see the entire discussion about whether the clock should be corrected if a player catches a throwin pass with his foot on the OOB line.
As for the rest, they did it correctly. Since the arrow had not yet been established, it will be established as soon as the thrower is handed the ball for the throw in.
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