The one thing that always intrigued me was that; if the wound is so minor that you can bandage it up in less than 2sec, the obviously its not major enough to warrant bleeding out from.
Is that not true?
Well, depends on how deeply you want to delve into "realism."
Most people clot when bleeding from minor wounds. The only "minor" kind of gunshot wound is a grazing shot, which is rare. Those don't need bandaging.
Just about any other would, no matter where you get it, it has the potential to cause you to bleed out. ESPECIALLY when you're sprinting across a battlefield, tearing ripped flesh open even more and preventing clotting.
If you've got an actual gunshot would, bandaging will keep you alive. But if a bullet would has larger than a finger-sized exit wound.....you're pretty much dead without medical treatment. A bandage is just prolonging the inevitable so you can get treatment. And by treatment I mean surgery to close the wound, not more bandages.
Now...if you're shot in the leg with a small caliber and it doesn't hit an artery....chances are you wouldn't bleed out from that unless a) you're making the wound worse (which players would be guaranteed to do) and b) the wound never clots and continues to bleed.
So where does this leave game balance? Bandaging just doesn't take enough time, period. The effect from wounds to vital parts (like LEGS for SPRINTING) is not high enough. Way too many wounds cause bleeding that will end you in 8 seconds, but can be fixed in two. IMO more shots should be fatal, period. Whether that's the slow kind of fatal, or the REALLY slow kind of fatal, it doesn't matter. Bleeding out should take longer than it does for wounds but it should maybe even get WORSE over time.