Considering I intend to use archery as one of my main skills on this game ( when I eventually get it) this is disappointing news. Still if you've got an awesome bow is there really that much difference in the kind of arrows you use?
On an individual basis, no, since the best arrows (Daedric) only do 4 more damage than the next best (Ebony), however when you factor in sneak multipliers it starts adding up over a large sample of shots. As a dedicated Archer character will fire thousands of arrows over his/her career, that can be a rather significant difference in output.
There's also the 'character growth' aspect to consider: as one progresses through the game it is only natural to keep upgrading equipment (unless doing a 'challenge' run), so it feels rather silly to have a Legendary++ Daedric Bow and be firing Iron or Steel Arrows.
If one is willing to 'vendor-scum', which is basically (ab) use of the 'Wait' function while not in a town in order to force stock refreshes, then it is possible to amass large quantities of a given type of arrow; due to the way the restock mechanic works the chances of having any arrows of a quality higher than about Elven or Dwarven is rather low, however, so it can take an inordinate number of forced refreshes to get enough of the best stuff. Also, to the best of my knowledge you cannot buy Daedric Arrows at all, so their supply tends to be severely limited unless you get ridiculously lucky with Bandit Archers' loadouts.