this isn't exactly true. there's 2 components to exploding arrow:
1) the arrow itself, which does hitcheck; furthermore pierce requires a successful hitcheck as well
2) the explosion from each impact, which does not require hitcheck.
ref:
https://www.theamazonbasin.com/wiki/index.php/Exploding_ArrowSince the magic dmg from bane is presumably added only to the arrow and not the explosion, you want successful hit checks. added fire dmg like enchant is added to both the arrow and explosion, so it really pays to get decent attack rating.
I guess the ITD from Brand kind of evens out with the massive flat bonus from demon machine, but ITD doesn't work vs bosses/elites. For me, I highly value the 100% pierce from demon machine + razortail.
You can also socket nef into demon machine
I'll say it every time, every person in this thread can rock a Demon Machine and be 100% right, there's little reason not to use it. I just happen to be one of the few people who prefer Brand for a couple of specific reasons, but you legitimately can't go wrong with either.
As for the hit check, I have literally never noticed a monster that had an arrow fly into them not take the full bane damage.