Absolutely, I only recently took perks so I could get the 3x damage bonus with the bow. If you've got the Muffle spell or boots with a Muffle enchantment, sneak perks are almost a waste.
I agree, you can get by without.
But I do like my extra sword and bow damage though, only using 3 perks in Sneak to get to the improved one handed and bows.
My sneak is 95 and I can pretty much sneak up on verything with just muffled boots to counter my armour.