No Aarati is performed without camphor. Camphor when lit burns itself out completely without leaving a trace of it.
Camphor represents our inherent tendencies or vaasanas. When lit by the fire of knowledge about the self the vaasanas burn themselves out completely, not leaving a trace of ego.
Ego is responsible for a sense of individuality that keeps us separate from the Lord or consciousness.
Apart camphor when burns emit a pleasant perfume. This signifies that as we burn our ego we can only spread love and nothing else.