Tentacles are interesting things. For some squid they most definitely are used in the act of prey capture, especially when the structures are inordinately long (as in
Mastigoteuthis,
Chiroteuthis and probably
Architeuthis), but that is not saying that these structures are propelled out at great speed to catch and restrain prey some distance from the animal. For many kinds of squid I believe the structures dangle naturally.
In squid like
Nototodarus (ommastrephid squids - or common arrow squids), oceanic beasts with shorter tentacles, they are not shot out all-that-often either; on many (probably the majority of) occasions the prey is actually caught and restrained in and by the arms. The tentacles are actually held out in front of the squid, held together and 'functioning' or 'serving to function' as a pointer or guide for the squid to track its prey. The squid scrunches its eyes forward, lining the prey up along the tentacles (and distal-most tentacle clubs), then launches forwards and both catches and restrains the moving prey with its arms (rather than having the tentacles held within the arm mass, tracking the food with its eyes, having no guide whatsoever, propelling the tentacles out to restrain it, then withdrawing the struggling prey to the arms for restraint).
Octopoteuthis obviously cannot line up any prey along the tentacles, as it lacks them, so it has to do something different in order to localise, catch and restrain prey. The photophores probably play an important role here, but whether they function to attract prey, disorient prey, confuse predators, all or none of the above I really don't know (probably a combination of them). Its comparatively short and muscular arms are endowed with two rows of seriously wicked hooks, and its fins are enormous (relative to its overall size) and very muscular; probably in combination these hooks, arms, and fins render this animal an adept killing machine.
....actually, having hooks on your arms (like those of
Octopoteuthis) and long tentacles probably isn't too good a thing. The tentacles themselves would constantly get snared and hooked on the arms. This raises an interesting point O
(excuse me whilst I think out loud) .... hmmmm .... so how do squids of the Family Enoploteuthidae get on, as they have both hooks on the arms and long tentacles? I'll go have a look and see if there's some protective sheath somewhere.
...off I go