You are quite welcome to argue that, and I think that's the popular view of it.
My reasoning is that we calculate the relative potency of the melee combo based on the potency of the spells that could have been cast during that time. Why then wouldn't we also calculate the relative cost of the melee combo based on the mana that could have been generated by those spells? Mana would have been generated during that period; it matters not that the melee combo is the only reasonable thing we have to spend mana on (in a single target scenario).
When examining just the melee combo by itself, reasonable arguments might be made that the cost is really just the 125 net loss from the three weaponskills. However, in almost all contexts where we're examining the worth of a point of mana, it's to compare the melee combo to Moulinet, and now Reprise; and in those contexts it is important that we consider the mana that we could have generated in addition to the mana consumed, because the lost mana generation does meaningfully affect how soon we can execute the next melee combo, or the next Moulinet spam with cooldowns.



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