I tried doing the log reading method as a healer (and later as a bard for silencing), it doesn't work for me. I've been heavily reliant on the enemy's cast bar and memorizing patterns. For debuffs, I can usually see those icons on the party list and depending on what they are, can respond. I mostly rely on the red background of the debuff as the indicator.

I think some things that work in my favor:
A single monitor.
Moderate resolution 1600x900 or 1440xsomething.
Not using mouse to target or use abilities since locating the pointer/relocating it may require more attention.