I think overall arrows are ok and comparing them to level 1 spells from Ranger spellbook is eh, because level 1 Ranger spells are mostly shit anyway aside from 2 obvious choices.
Magic arrows are a thing in D&D and it's not like only Rangers can ever use them.
As one guy mentioned above a lot of it is about resources and there are many things that replace or simulate class abilities at cost, whether it's scrolls, potions or arrows. Now all these can be stolen which of course means you may have an easier time accessing those, if you desire to go that route, but if you're a goodie two shoes kind of character, you definitely won't be spamming these.
