That's correct. The health system is a little bit broken. It actually takes less time to patch yourself up with a bandage in RO2 than it takes to self regain health in battlefield or cod. The only major diffrence is that you do it manually in RO2. Patching yourself up should take at least 10 seconds in my opinon and the injuries should affect the player more; injuries in the legs should make you limping around and direct hit to either of the arms should make your aim less steady.
It would also be cool if your teammates name became red while they were injured, and then, as a medic, you could fully restore their health and gain score for this. Unfortunately, medics won't appear in the game, but I like the idea anyway.