I had a different bug with recast timers along with casting bar and time remaining of status on character. All those time-related issues were working faster than normal (action 15s recast time -> 3 sec recast time; 30s status effect showing 10s status effect and blinking until fade; casting bar filling in 0.5s (or always full) when casting time is 2s; etc). Problem included recast time showed with /recast command.

People having this bug can fix it by changing text font of the game: FINAL FANTASY XIV Config -> General -> Font Settings -> Use windows system font, but they will lose original font of the game.

Let's hope SE fixes this particular bug fast. Using any windows font makes all recast, time bar and time remaining of status effects working propperly again.