Perhaps for some sequences, but not optionally.
Do you think that, because you can explore and shoot arrows completely in first person, we can use other items like our sword and bombs in first person too?
Zelda's Lullaby, all the areas of Hyrule, maybe Dodongo's Cavern, and hopefully HYRULE CASTLE FROM ALTTP!
Do you think the underworld will be interconnected and you can travel by foot?