Hardly, Alteration covers many bases other than just lockpicking; destruction and archery on the other hand both do the same thing: kill people.
The style is different tough: archery is good for sneaking and uses bow and arrows as a feature. Can also be combined with smithing, enchanting and alchemy.
Destruction wastes mana and has various effects that can be useful, especially if you spend points on perks. And unlike archery, you can use it in close combat as well.
On other hand, the only difference between old Alteration and Security was the fact that Alteration is simply far more useful as a skill than lockpicking because it does that and much, much more (waste of mana matters only in middle of a battle).
Is it the problem of alteration for opening doors, or the problem with a skill called open locks that only open locks? It used to be called security and it handled traps as well improving on the traps part instead of removing it would have kept it as a viable skill now it svcks, getting rid of the open lock spell did not take the svck off the skill it just added some to the alteration skill.
For traps use the cheapest telekinesis spell to dispel the most powerful trap in existence. You can also use potions to protect yourself from the ridiculous effects if they are deadly (and unless you are an Altmer, they usually aren't even deadly).
Unless you make Security much more useful (which is hard) or give some big penalties to open Spell (which is also hard), balance will be screwed up. And Bethesda cares more about balance than quantity.