For me it is a good early money maker, and as an archer, the Slow Poison is such a good tool to have available. With no perks in Alchemy, you can use Deathbell (plenty south of Solitude) and Salt Pile (everywhere) to make 50% slow for 20-30 seconds! This has come in handy for me so many times, like when I can't sneak up on something or a Cave Bear ambushes me in the wild. The hired thugs come after me blindsided around a corner so I just slow all 3 of them instead of getting dominated. They are enemies that can sprint, so it really does make a difference.
Or you could use Paralyze poisons and +Archery damage% potions. Actually I mean yeah there is a heck of a lot you can do with Alchemy. The downside for me is constantly collecting ingredients and having to sort all the random stuff out and turn it into potions ranked by value to help with level-ups and sale prices. I'm on PC, so it isn't a hassle for me to have a stack of Slow Poisons in the Favorites bar, hit Q, poison the arrow that way is much better than going into the menu system and constantly pausing combat.