yes. as long as the axe and arrow are metal....
Going by how special materials work, "metal weapon" means a weapon with metal parts. That includes most thrown weapons and projectiles, but not all of them.
Yup, the bog-standard hand axe and arrows should work since long as the important parts are metal. A bone hand axe would not benefit, nor would arrows with obsidian heads (a semi-popular way to save a few coppers and lighten an archer's load).