\documentclass[12pt]{article}
\usepackage{amstext, amsmath}
\usepackage{chemarrow}
\begin{document}
\let\rightarrow\chemarrow
Begin $\xrightarrow[\text{Text below the arrow}\footnote{this is footnote}]{\text{Text above the arrow}}$ end
\end{document}
It shows the footnote number but does not actually show the footnote at the bottom
