Most definitely, if the shooter is using enough bow with enough arrow weight. Fred Bear took an elephant on a fair chase hunt in Mozambique in 1964 using a 75 pound recurve and something like a 1200 grain arrow. If I was to make a guess, I'd guess his bow was doing all of 55-60 ft lbs of energy. (Kinda makes you wonder why someone would need 70-80 ft lbs for puny-a$$ whitetails, don't it.
)
From the story in "Fred Bear's Field Notes":
I wanted a head mount, so the entire head, trunk and tusks were loaded into the hunting car. It took 15 men to do this. The arrow had gone in about 20 inches and did great damage to the liver. Walter Johnson estimated the bull at about four tons. The tusks at thrity-five to forty pounds each.
Bear estimated the blood trail at around 400 yards.