Hell you can usually get through most encounters using tearblast arrows to remove armor and weapons from machgines + hardpoint arrows to cause the actual damage.
For simple enemies - yes. And yeah, that's also one of the examples I don't get it. My first playthrough on normal that was pretty much all I've used, except fire/freeze/electric blasters in the Cut DLC later down the road. Maybe a few traps then and there. Other weapons just "exist" in my inventory until some hunting trial requires it. Basically it's playing Skyrim stealth archer build, but all the way through. Just as boring.
But for bigger ones on Ultra-nightmare - no. Most boss fights would easily eat through 2-3 quivers of both, and still impossible to beat without special weapons(machine guns, disk launchers etc.).
I already mentioned "micromanagement", so if you already know that in the story your next encounter is some big-ass robot, then everything turns into a monotonous chore, where you fast-travel or ride to the nearest hunting goods merchant, buy 100+ rope, some blaze and other canisters, craft max rope, max arrows of all types, and at minimum some traps of appropriate type, and make sure you have enough resources to build at least 2 more quivers of tear and hardpoint. In case of Behemoths even that might not be enough, so you definitely should tear its launchers off first, then do as much damage as you can with your weapons(preferably with triple-shots to make it faster), and at the end when it can only do melee attacks - pick up a disk launcher and kill it. Healing items are also critical, since all it takes is 1 or 2 hits to die. So, with perfect prep it takes you 10 minutes to get ready for a 3-minute fight.
Weaknesses also don't work that well on UltraHard. Big enemies that on lower difficulties were vulnerable, let's say, to cold in some cases recover wa-a-a-y faster than you can freeze them with a sling, and instead they take a full clip of iceblaster spray without misses (ice rockets only do damage, but almost zero freezing).
Stormbirds are probably the worst. Fortunately on UltraHard there's only one I need to kill during main questline. I came in fully stocked and by the end of the encounter I was left only with the type of ammo that doesn't work on it.
So, while challenging fights are fun and all, and some people enjoy "technical" and "strategic" side of it, it still requires a literal ton of resources and crafting time, and gets very old very quick.
And once again - simple enemies kinda remain the same for some reason. I can still kill a watcher with a single shot or kill a bunch of grazers with any fire projectiles in only a few seconds, or kill a few stalkers with their own mine launchers etc.etc.etc.
Weapon "handling" doesn't make sense, since my fully-upgraded purple power bow with at least +40% to handling frequently misses point-blank shots, but can hit a butthole of a badger from 100m no problem. Sometimes I can even see the arrow going through the enemy with no collision in slo-mo, which pisses me off even more.
Melee combat is so bad, I almost never use it throughout the game (except finishers on downed enemies). I think the only time I had to was the Shadow Carja boss fight, where I had to roll around, knock him down with a tear arrow and do one power hit with my staff. And repeat it 20 or so times, cause by then I simply ran out of my normal arrows killing archers just a minute earlier.
Mounted combat is even worse. Took me a good two dozen attempts to get an achievement for 5 dismount strikes, cause I always miss it for some reason. Shooting arrows is OK, but your mount's strikes barely do any damage. Broadhead can knock over some enemies, but other than that it's useless. And the whole riding mechanic is kinda wonky. I think I did my entire first playthrough on foot because of it (plus it's easier to explore this way), and only got used to riding on my last Ultra Hard playthrough. I use KB+mouse, so it may be easier on a controller.