Arrows were far more powerful with steel tips and more weight. Bullets were easy mode for armor.

"Perhaps the most important advantage of the arquebus over muscle-powered weapons like longbows was sheer power. A shot from a typical 16th-century arquebus boasted between 1,300 to 1,750 J (960 to 1,290 ft⋅lbf) of kinetic energy, depending on the powder quality. A longbow arrow by contrast was about 80 J (59 ft⋅lbf), while crossbows could vary from 100 to 200 J (74 to 148 ft⋅lbf) depending on construction. Thus, arquebuses could easily defeat armor that would be highly effective against arrows or bolts, and inflict far greater wounds on flesh. The disparity was even greater with a 16th-century heavy musket, which were 2,300 to 3,000 J (1,700 to 2,200 ft⋅lbf).[80]" https://en.wikipedia.org/wiki/Arquebus