I like how in both Hydro & Identity, they show Clark's expression as he gets the highs of living as a superhero. In Hydro he was posing as the Green Arrow for Oliver as he noticed Jimmy's awe of him superspeeding away and here it was Oliver paying him back as he dresses up as the Blur but Clark knows who the real Blur is as the onlookers look in awe.
The show runners originally wanted to use Bruce Wayne starting from S6, but couldn’t get the rights to the character. So they switched to Oliver Queen as filling the billionaire/non-powered superhero role. So yes, Green Arrow absolutely IS the Batman of Smallville - literally.