Exactly as the title states...

For those who don't know, previous to 1.5, Deflect arrows was bugged in such a way that it instantly granted you maximum blocking against all physical damage, not just arrows. This translated to 85% nullification of all physical damage. The implications of this made it so that shield wall, and even having points in block(other than the required points for perks) were essentially useless, since your blocking would be at the maximum cap that the game allows, by simply investing in one perk. The other implication was that the perk did not do what it claimed, which was to block 100% of all arrow damage. It blocked 85% just like it did to everything else.

All that being said, we now have two questions to answer:

1. Does the deflect arrows perk no longer affect non-arrow damage in any way?

2. Does the deflect arrows perk now make it so that if an arrow hits the shield, 100% of all damage is blocked?

If either of these answers are "no", then it's not fixed and you should continue using one of the two available mods for this perk.