How is pausing in the middle of the action any more realistic than TB? If anything TB is more realistic because the pace is even throughout the encounter, instead of being constantly interrupted by pauses.
Again, very late to this party, but this is another one I feel is necessary to comment on.
Real-time combat is definitely more realistic.
In a Turn-based system, the enemy literally waits for you to hit them before they hit you. They just do it because that's the mechanics of the combat system, not because you can pause it. It's entirely unrealistic for your enemy to sit there and wait for you to make a move before he/she does. Yet somehow RTWP is less realistic because you have the option to pause? Logically, your argument is flawed.
The goal here isn't realism, its adapting the 5e DnD system (which they aren't doing a great job at but that's neither here nor there). DnD is turn-based. At least in this aspect they are being true to the source material. There are plenty of "realistic" (ridiculous even using that term when it comes to fantasy hack n slash) games out there for you if turn-based isn't your thing.