Yes, but the process of getting the Lens of Truth, Goron Mask, and Goron Lullaby just to enter Snowhead Temple is much slower (and much easier of course, since you need lots of glitches to skip these 3 items and enter/complete Snowhead Temple). Plus, when fighting Goht with arrows you can actually stand in a certain spot to manipulate his AI so that he doesn't move. I've seen this tactic used in the current world record video for MM, plus I tested it, so I know it works on N64 (I don't know about the 3DS, though, since the Goht fight has been changed).
All in all, while fighting Goht with arrows may be slower than using the Goron method, the time saved from not having to get the Lens of Truth, Goron Mask, and Goron Lullaby outweighs this time loss, assuming that you play well.