The biggest issue to me isn't the throw.
It's that the quarterback couldn't recognize the blown coverage at all, and instead "scrambled" in the first place. The cornerback chucks the receiver at the line and plays a short zone, while the safety is in a deep half and the linebacker is nowhere to be seen. Hill is wide open less than a half second into the play and the quarterback is "scrambling" instead of sliding in the pocket. If he slides, he sees him and hits him.
That's the biggest issue on the play.