Yes, but in reality, the bearer would change his stance when in danger, for example when he sees archers fire, he would crouch to have better cover behind the shield. This is not possible in the game. Also, most archers did not fire directly, but indirectly at large distances in organized salvos (they did not aim, just fired at certain angle up to the sky).
In such situations, the arrows are quite visible, so the footman can prepare when he sees them coming down. Not that it would help much, good longbows were reported to pierce shields and armors alike.