I don't use one for bows, but I do use one for carving/whittling(short blade).
It depends on what you want to use it for. Because they don't have a hilt/fingerguard there is a risk of your hand slipping during a power cut. Not really a problem if you are careful, or you use it for detail work.
Axe, drawknives, machetes, adzes are better tools for bow making. Unless your wood is really green, using a knife for a bow is a lot of work. They can be useful tools for some detail areas, like the handle, and dips and nocks.