That would be sufficient if you had no batches and no special stock. But you said you have, so you need to archive that first before SAP allows you to archive a material.
Just imagine a user uses MSC3N to check a batch and the material master would already been archived, then the user could only see the number like it is in MCHA table but could not know to which material it belongs since the description is not stored redundant, it would have been gone from MAKT along with the material master.
If you have a batch in MCHA, MCH1 and/or MCHB then this is just evident that you can't archive the material. There are many other tables that show special stock, see the wiki and check those tables in SE16: Stock Tables and Stock Types - ERP SCM - SCN Wiki