Yes, but not like they are typically shown in Hollywood (they do look cool on screen; I’ll give them that). Here’s an arrowhead:
The hollow spot would have been filled with pitch or oil soaked cloth.
Fire arrows won’t light enemy infantry up in flames, and they are actually pretty bad at lighting things on fire in general, but they are useful as a distraction. Say you are defending a village surrounded by a palisade. I bring up a couple hundred archers and start shooting fire arrows over the wall. Most of them aren’t going to cause any issues, but I only need a few to find a thatched roof or two and start a small fire, and all of the sudden, some of the people that could be on the palisade have to go keep the village from starting on fire, and I have less defenders to deal with in my initial assault. The fire arrows themselves don’t do much damage, but I’ve caused some chaos and divided your attention.