At early stages, Archery is insanely underpowered, dealing about 10 damage per shot, when most low level enemies have about 50-100, taking 5-10 arrows, quite clearly.
Later stages, they still feel a little underpowered, mine does about 60 damage per shot, but very few enemies can it one shot kill.
They need to give it a bit of a boost, because even with the perks, it's not powerful enough.
It balances out pretty well around level 30. I augment with alchemy poisons and fire enchants a bit, but by that level I'm easilly 1-shotting giants. Granted, that's with the 3x sneak damage perk.
If you have sneak as one of the main skill then archery would be a lot more beneficial, if not then I don't see why even using it, there are lots of other way to do high damage range attack.