I imported a low level party from EOB1 (not long after you get the first basic bow and 10 arrows)
and did some test on wolves.

Every arrow did exactly 1 point of damage and wolves took forever to kill.
Daggers worked fine.
Rocks did 1-2 damage, with or without a sling.

It's thanks to the "all seeing eye utility" that I am able to inspect monsters' remaining hit points.

Sorry for off-topic, I thought "all seeing eye utility" was merely a map making tool. Does it show all monster stats/abilities or only their current HP? Those games don't strictly follow MM guides.

Only current and max HP.