This screenshot clearly proves otherwise.(click to show/hide)
Low CoF is good because it puts power in the hands of the player, it pushes the skill ceiling higher. CoF is pure RNG and is a bad way of simulating imperfect accuracy. But we can't implement something better.
In my opinion the good way of reducing accuracy is to nerf missile speed, and increase the timing constraint. Right now projectiles fly much too fast, hence very little leading is required. Making arrows slower would punish bad archery and reward good archery. Additionally, a bow can be held fully drawn for much too long without losing significant power and accuracy. Making the time window shorter would introduce an element of timing similar to hold breath mechanics in traditional FPS. That would increase the player skill requirement for using a bow.