The game only makes one reference to it that I saw, in regards to the effect perception has on mitigating the distance penalty to accuracy. So yeah, it pretty much is synonymous with the offense rating in this game.
Offense rating (modified) - target's defense rating (modified) = % to hit
Offense rating has to do with IMPACT, not chance to hit, chance to hit has absolutely nothing to do with IMPACT.
See the rock example above and you will see and finally realize that nothing has absolutely anything to do with whether someone can throw something with 100% accuracy,
Accuracy has absolutely nothing to do with CHANCE TO HIT, and CHANCE to hit has nothing to do with IMPACT.
So I don't think archery is broken, it actually is broken.