Although that is correct, it's not just the incantation time required by normal teleportation spells that seperate it from Flow, what makes Flow so dangerous is that it bypasses the whole point of using aetherytes and simply relies on the will of the caster to get themselves through the Lifestream to their destination. Which 9 times out of 10 meant the caster just got themselves lost in the Lifestream with no way out, as Y'shtola has done twice now.
Normal teleportation uses the aetheryte network as a beacon to guide you to your destination, Flow has no such lighthouse. With Flow, you may end up at the place you want. Or you may end up somewhere completely unexpected malms from where you wanted to go. You may not even arrive, being stuck in the Lifestream forever, effectively killing yourself as your corporeal form disappaites in the aetherial sea.
And if you are lucky enough to get out, you may find your physical form has been harmed by the experience, being completley altered. You might find yourself sans clothing, as naked as your nameday. Your body's aether might be damaged preventing you from casting magic permenantly (to the point you won't even be able to teleport normally anymore). You might find a physical sense like your sight or hearing permenantly lost.
Accordingly, the spell was considered so dangerous for these reasons Sharalyan banned it (Matoya alone gave Y'shtola one hell of a verbal lashing over it, so horrified was she that her pupil was so reckless in breaking such a taboo), and, given that we now know that it was the Ancients who originally invented aetheryte technology, even they probably thought such a teleportation technique was pretty much a 'blind jump' (or, more appropriately, a 'blue jaunt') that was bound to just be too risky to bother with, and so set up aetherytes and 'conventional' teleportation as a far safer alternative.