Works fine if considered preemptively. Like every Emergency cooldown in this game, when the danger is manifest, it's too late. But use it as a scheduled KB-undo or uptime-keeper and it works just fine.
As for the rest, every skill minus three is not "every skill", bolded or not.
That's like judging the technicals of a film's use of audio specifically within and against silent films when the film in question has no such deliberate limitations. Yes, it's a different perspective, but efficient design still follows the same final goals.
Shooting in, say, Rachet and Clank, or any other action game, isn't just the result of a button, nor are aim or movement controls linked only to one's primary fire. The difference between what one could accomplish with that many keys separately, as a mere sum, rather than a functional combination, in gestalt, will show either efficiency or inefficiency. The tools that allow for Primary Fire tend to be very efficient--there's more that can be done than with any part or each part of it separated. Our purely linear combos give example to the opposite--though in n parts, they perform only one means of control.
If RPGs -- MMORPGs especailly -- would better make a habit of considering their keyspace as a means by which to exert control and manipulate one's character according to its capacities rather than just as a depository for items on some character arsenal ledger, that genre-based excuse would hold no wind.
Design can make effective, efficient use of some 24 or even 36 keys to approach a cohesive and satisfying control system by which to explore, optimize, and immerse oneself within a character's capacities and perspective therefrom. That's just not what's happening here.
Edit: Don't get me wrong. I like having tons of options and complexity available. But depth and button count aren't correlative unless consistently efficient as possible and even then there tend to be curves in that efficiency over button count. If I had to pick a "magic number", it'd probably be at most 24 job-specific buttons (not abilities, mind you, which can be many, many more), with space enough for ready access to core functions through another 6 buttons to a total of 30 at most. But there's a huge range available to how well that many buttons can be put to use.