This is correct. Rog mathed it out ages ago, back when he still played. Up until the 85 cap increase where BLM retroactively got Elemental Celerity, Red Mage won the damage over time race on anything that didn't require a Blm to use a full Elemental Skill+ build on (which Sch would have had issues on too anyways). Being able to cast significantly faster and more often adds up. It's the same notion behind AMII being significantly worse than T4 nukes, etc.