The answer is yes, because Arcanine has much better overall stats, attack being the highest. However, like most stone-evolve Pokemon, Arcanine does learn the moves that Growlithe does, which is mention in another answer.
What I would do is to have your Growlithe level up to 39, so it can learn Crunch. Then evolve it and make tour newly evolved Arcanine learn Extreme Speed and Thunder Fang via move remember-er.
So your Arcanine should be looking something like this:
Adamant (is recommended)
Crunch (counter ghost Pokemon who wants to block Extreme Speed)
Extreme Speed (priority + powerful = instant pwnage)
Any decent fire type move for STAB (or Same Type Attack Bonus)
Thunder Fang (for water coverage)
For EVs in game, doesn't matter. For EVs competitive, 252 Attack, 252 speed, and 4 HP.