Besides the cooldown time, we don't know when the dash will be back, Instead of the arrow fully disappearing, maybe adding a couple "pulses" or "blinks" before it is ready again would solve this problem.
Maybe that's just on me, but I get a little frustrated when I dash throw a bunch of spiders really quickly, and after that, I need to wait for the dash to be ready, and also wait for the dash to be in the right position. The rhythm gets fuzzy.
I like the mechanic, I don't remember a game similar to this, unique in style and gameplay, well done.