Is this cheating?

[Antipika]

People don't seem to understand what an exploit is.

Exploiting is using game mechanics in a manner that they were not intended to be used to gain an advantage. The cooldown reset feature on levequests is probably a leftover mechanic for when you had quests with guild marks that you had to complete with certain classes, so it allowed you to switch classes and start the levequest without having to wait for cooldowns.

So yes, this is an exploit.

Whether or not it's a big enough deal to be considered "cheating" is entirely subjective. Personally I don't think it's a big deal at all.

This. It is an exploit.

Will SE do something? Probably not. FYI SE did nothing on XI for quite a while when players used chests (or any NPC/thing that could be targeted) to freeze their 2hours abilities/Primeval Brew.