Thats right but every character needs some advantages in his moves.
But I think you underrated the current difference between Links and Pits arrows.
Pit has already a lot of nerfes and Link a lot of buffs.
For example: Links arrows damage 6% - Pits arrows in average 3%. This is the double.
In Brawl Links arrows damaged 12 % ( full charged arrows ) Pits 11%.
As Link you can use short hops too. Especially because Links arrows charge are faster than in Brawl + its closer to Pit.
Pit has more cooldown after shooting.
This is just 2 facts about the arrows. We can see the arrows are stronger.
[
https://www.youtube.com/watch?v=dhXICr1VIEw 1:32 min ]
[
https://www.youtube.com/watch?feature=player_detailpage&v=WgQZ01RyAaU 1:50 min ]
Of course all stronger attacks have to be more difficult to use. Maybe Links arrows have more knockback than Pits.
About the reflector: As Link you should charge your arrow from the distance. Pit hasn't angel ring anymore. That means you can decide when do you want to shoot. If a Pit player use the guardian orbitars you can wait too until Pit have to interrupt his move.
The balance is very delicate. Its really okay that Pits arrows are nerfed and Links are buffed, but I think thats enough. If Link should be able to aim in every direction, his arrows should be weaker because its not difficult to aim I think.