No, it's not better than FFXI relic grind. In FFXI you made constant progress by doing fun and potentially challenging endgame content as part of a team with the side benefit of earning your AF2 in the process. It required coordination, long-term planning and organization, and leadership. Even the upgrade quests to take your relic up to higher levels weren't nearly as bad because every EP kill was progress, not RNG retardation. Hell even nerfed Dynamis was better than this Atma crap because at least the mobs could kill you if you weren't careful. If someone dies farming Atma they must have fallen asleep at the wheel or had a stroke in real life. FFXI relics were by far the best weapons in the game whereas in FFXIV relic weapons are generally tied for best weapon. At any rate, it's about content quality, not the reward itself.
The vast majority of people upset about Atma aren't "casuals" and hundreds of hours spent intensely spamming FATEs is hundreds of hours spent intensely spamming FATEs, no matter how you slice it. RNG =/= grind. RNG is RNG. Bad content is bad content.