This has always how I've seen it, the shortfall of spellcasters was always resource management not efficacy, which is why managing when a party can rest is so important, all the more so in a cRPG because the player can theoretically just rest after every encounter if the game doesn't tax them in some way.
Yes, well said! It's limitation of resources and a meaningful obstacle to replenishing those resources that keeps casters (esp. wizards) from being over-the-top powerful. And that's why any D&D game that eliminates or significantly weakens this cost for wizards is making things rather ridiculous. The Owlcat forum is filled with wizard fans whining about the need to rest in the Pathfinder games. Thank God Owlcat has thus far refused to back down on resting.