There is an argument in the games industry that cosmetics can be used in a P2W manner. It all comes down to psychology. Not everyone can have a nihilistic viewpoint about how their personal avatar looks. Many people want to have a good looking avatar and to look good you have to pay.

The core gameplay is not P2W by any means. Everyone's sword hits the same amount of hearts as do all bombs and arrow variants, everyone has the same amount of hearts, etc.

The only content that could be considered to have a P2W aspect are horses. Currently, a horseshoed Foo Lion is the fastest mount in the game. The two mounts under it are the Sabertooth and a horseshoed Armored Panda; I am not sure which is faster than the other. Flying mounts also nullify the slow travel in water.
A counter to the above is that when speed matters (horse race, for instance, which has also not been hosted in a long time) often times all mounts in the area are set to be the same speed.