Yes, Blizzard balances around arena and nothing else. Srsly.
I don't understand why people are so worried a nerf is incoming. Our PVE dmg is highly dependant on a spec that's only remotely viable in a strict PvE environment. So what that the boss dies 2 min faster with 4 BM hunters in a raid instead of 2? The fact remains that Blizzard tends to balance things around Arena. We all know it's true. Given that pets are still balloon animals in arenas in terms of their survivability, I don't see a reason for Blizzard to lower our raid DPS any lower than it was with the removal of our benefit from Windfury (ranged haste benefit for those that don't remember or didn't read patch notes)