I agree with you for the beginning... the crossbow has excellent range and power compared to the other options however towards the higher levels if you have points to spare for things such as Power Draw your bow can be your best friend in the world...
I spent time not getting into the fray and just standing on a hill spamming arrows down into the mix, yes I hit my own troops now and then but I also pegged quite a few baddies in the head at the same time (I modded my arrow count to 75 per bag). Doing this allowed me to still earn some exp from the fight and raised my proficiency in archery quickly. Once I got to a respectable number (250-300) and my power draw up to 6 or 7 (using masterwork short bow) my bow quickly started to outdamage my crossbow over time which made it perfect for defending in sieges and for picking off people on the walls while waiting for my towers to reach them.
Throwing... also has a great advantage to it. Spears are great damage dealers to unshielded foes and their horses, axes do a number on shields (I have trouble with horses with them) and I find axes to be invaluable when storming a castle wall. Either running up the ladder or charging the ramp of your siege tower you can either take out the shields of the first few defenders or outright kill them allowing you a little wiggle room when you finally plunge over the wall.
Mind you I modded my damages as well for bolts and arrows (left the thrown stuff alone) so even with my steel shield and my plate armor I still go down quickly against archers/crossbowmen so my views may be a little skewed.