You are basically saying employing tactics over an opponent who doesn't, makes you win. The horror. Shields' blocking cones (I think that's what its' called by TW) is already ridiculous, protecting far more than their physical existence like some magic items. The game has already a bias aganist bows in that manner, I don't agree there's a need to nerf archers, maybe it should be a bit harder to train archers which is realistic.
No, I am saying the opposite: Both cavalry and archers inherently have more tactical options, but they will also win just fine with far less management than infantry.
I encourage you to try this yourself in a custom battle, as I just did. Example: Vlandia mirror,100 hardened crossbowmen against 100 swordmen.
Playing the crossbowmen, I put them in loose formation, long line, that's it. Win 96 -- 4
Playing the swordsmen, I also barely managed to win: 90 -- 52, but it involved a lot more management. Going shieldwall, repositioning, repositioning again so that they are in a perfect line, going forward, charging, making sure you you aim exactly at the middle, dropping shield wall at the last possible second.
But as soon as enemy archers get even a small opening into the shield wall, or if you have a few non-shielded infantry units (I tried this too), infantry die like flies and will lose.
Basically, in an infantry vs archer battle the infantry will only win if they do everything right, and the archers will only lose if they do everything wrong. Same as in cavalry vs infantry.
As it is, infantry is just worse in every way compared to the alternatives.
EDIT: Obvious but important problem: Infantry that is in shield wall will get demolished by other infantry. Infantry that is not in shield wall will get even more demolished by archers. In a simple 1 line against 1 line engagement, you can micro when you drop the shield wall, but in most larger battles you are fighting waves of both infantry and archers -- which makes formation micro impossible, and you will take heavy losses no matter what.
With archers, on the other hand, you can almost always just put them in a loose long line and they will get 80% of the kills.