Yes but I have had (heavy, 600 plus grain) arrows go thru bone and not go thru bone. I don't take shots that would normally put the scapula in the way and the femur is in the rear end (yup, I even broke two of those in my day). Oh, and sharp matters a lot in penetration, even thru bone.
There is a line somewhere, it moves, but if you really want to make sure nothing goes wrong, you need a big heavy caliber rifle.
I myself (I can't speak for anybody else) want to use something that works very well under normal conditions. I want something that will go thru both sides of the chest under normal conditions.
I am not going to beef up and use 80+ pound bows and 1,000 grain arrows just in case I shoot the deer in the butt. I am not gonna use a 4" wide, six blade broadhead just in case I shoot the critter in the guts. I just choose to control the entire scenario better, and to learn how to do the "after the shot" stuff better.
As I get older and more experienced, I find it quite doable most times. I also find that I pass on some shots that I would have jumped at long ago.
I really personally dislike the statement "I had to take that shot, it was the only shot he gave me". Saw and heard that on a video by some famous guy and I remember it to this day.
ChuckC