WC-IV novellization

So, where does the Armada Arrow fit into that classification?

There's lots and lots of Arrows overall - from the cloaker stealth Arrows in WC4 to the heavy Arrow Guardian in Arena. The sheer speed of Armada's variant would probably put it well into interceptor or recon territory.
There are two kinds of Arrows. You are thinking of the 'point defense' (short range) version - the 'interceptor' is the patrol variant (the Hellcat is also an interceptor). The Wing Commander III novelization explains the difference: "Red Squadron flew Arrow-class point-defense fighters designed to fly close escort for the carrier and other capital ships. Though limited in range and endurance, they were well-armed for their size. In a close combat situation, they'd be worth their weight in platinum. Blue Squadron flew space superiority fighters, Arrow-class interceptors. These had range, speed, and endurance for long patrol operations or sustained dogfights, but they were rather light when it came to arms and armor."

I had assumed this was a typo, since Hellcats are referenced as part of the Victory's contingent elsewhere (pg 219, for example).