It's a talent that would become less useful as the game goes on, for sure, but in the early going when the elemental arrows are relatively rare it can be nice to pick them back up since they have a massive impact in combat. Certain arrow types also seem notably less common than others, e.g. charming arrows.
Sure, I just think you get to the point where you have tonnes of arrow is too soon after being able to spec the talent for it to a be a wise long term investment of the point.
EDIT: Actually, ignore me. I have the arrow talent! I either chose it at the start and forgot, or took it at some point without thinking. No wonder I have an entire bag full of special arrows... <.<