I'm not an archer main, but here was my experience with 4.0:
Level 34
15/27
5 PD
9 WM
9 Riding
4 HA
2 PS
198 archery WPF
Equipment:
Cloth, so no WPF penalty
+3 Horn Bow (would switch to +3 shortbow if I had it available)
+3 Arrows (Because I'm a cheap bastard, and I mostly built this to shoot cloth trolls, armored horse feet/unarmored horse bodies/heads)
+0 Donkey/+3 Courser
On chest shots vs ~47-50 armor (Lamellar vest, leather gloves):
While I was on foot, ~11-14 damage.
While I was holding still on my mount, ~7-8 damage.
On chest shots vs ~65 armor (Rus scale, scale gauntlets):
While I was on foot, ~5 damage.
While I was holding still on my mount, ~3 damage.
The autobalance issue where one team may have nearly all of the ranged/cavalry players puts a damper on using teamwork as a reliable solution to ranged that can kite.
HA and 30+ AGI stack archers/throwers/crossbowmen are outside of the norm, but anything that can produce a threat while being completely unreachable based on random chance via map, team class composition, and weather can be considered a bad game mechanic in PvP, with greater threats/greater chances of being unreachable being worse for balance.
Something like a naked 12/XX long spear user or a naked 15/XX pike user falls into this category as well, but those builds don't have 3000+ effective reach, can actually be blocked without a shield, and they're not as easy to abuse with two+ coordinated players of a similar build.
In NA battle, body armor + gloves still tend to hover around the ~60 or lower range, so Short/Nomad/Tatar/Horn with ~4-5 PD still deal enough damage where you'll be able to rack up a lot of points (not kills), so you can still get valor that way.
In EU battle/shiny strat average armor levels (65++) are high enough that lower PD isn't viable since arm/leg hits will get nullified, but there's no neat solution to making Short/Nomad/Tatar bow good for that without breaking other things.
Bow difficulties in general would have to be shifted upwards (I guess that'd make 11+ PD cannons a thing), or foot speed would have to be capped/nerfed as long as you had a bow equipped.
For the most part, I guess players have to get used to the idea that 15/18 STR + blatantly stacking as much AGI as possible isn't the best way to do things anymore.
I think a small ammo count buff or a separate ammo/ranged balance in general for strategus/siege could be warranted though.