Well it's balanced out by the fact that you have armstrong and gatling guns.
By the time the "traditional army" has moved in their numbers will have been decimated.
Plus, it's a simple matter of moving the line infantry closer and their accuracy and firing rate will mow the archers down no problem.
And in regards to melee units, by the time they even get close enough for the sword their numbers will also have been dwindled and that's without the suppression and knee fire.
But yeah I can understand why it's annoying.
Though the bow unit should be more expensive since it takes longer to train an archer compared to a rifleman.