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Even with the Mega Bow, the damage of the old upgrade doesn't always exceed the damage of the new one, especially if the opponent is playing as Heaven, Gnomes, or Necromancers. The 50% protection ignore starts to become advantageous starting from approximately 20 Defense (the new ones have 8-9 damage, the old ones with a bow have 10-16, the average is 8.5 and 13; reducing defense by 10 points will increase the damage by approximately 1.5 times, resulting in approximately 12.8 and 13) and higher; the higher the defense, the more the new archers win. This is easily verified in duels between Ossir and the others; he has a bow and both upgrades of archers.
And also, 11 initiative is still not 10, and the new archers have 16 shots, while the old ones have 8.
However, it is still important to consider that the Master Archers have more shots, and if luck or a bonus against blood enemies works, they will deal more total damage.