Aragonite sands do not buffer a seawater solution and is a old myth. The amount it adds to Alk or C a++ can hardly even be measured. Aragonitic sands that are fresh can actually de-buffer the water lowering the pH, Alk and Ca++, due to the precip of Hi-Magnesium Calcite, know as "surface over-growths" or "surface poisons". I'm sure you have heard of 'clumping sands', this is one of their origins. We would be lucky if that sand adds a couple % points to the total Ca++ and Alk demand. However, if the pH is in very low 8's into the 7's and the Alk is low, like 1 meq / l and the Ca++ is very low, like less than 350 ppm, more will dissolve. As pH, Alk and Ca++ fall the dissolution of CaCO3 increases. With all that said it is till the best choice IMHO and tears bio-turbation fauna less.
I have read that it is the calcified exoskeleton of a cyto bacteria.
That is one of the ways. But all aragonite sand is not formed that way. Some is formed via a "snow-ball" effect from sand sloshing/swashing: i.e., grains rolling back and forth like a snow ball rolling down a hill and getting bigger. Many of these have a internal nuclei, so accretion seems to follow the rule here. There are also different kinds of layering, which in some points to biogenic formation, such as algae/bacteria/cyano or algae/etc. assistance and maybe endolithic or epilithic algae/b/c. Most of it formed this way seems to point to Cyano.