Except for the really big baddies, I use archery most of the way through caves. Epic Glass Bow w/ a mild shock enchant and Steel Arrows. NO archery perks.
It's definitely viable if you learn how to play your build. I mean, my skills are all sword-and-board oriented, and I 3-4 shot Draugr Wights
Archery is the only combat technique I have ever fought a Draugr Deathlord or Death Overlord and been completely untouched in combat, and it wasn't because I hid someplace where they couldn't get me. I just moved around a bit and used the stagger perk to good effect.
Archery is at its worst against highly maneuverable enemies like dragons. Even then if you are good with a bow you can shoot a dragon out of the sky. Watching a dragon crash-land is epic beyond belief.