That is Exactly how math works.
AoE’s strength is being efficient in multi-target situations because their output per use is higher when there are multiple targets, compared to single target hits whose output per hit remains the same regardless of the number of targets.
It’s like in high school math when they taught you fixed and Variable costs.
Another example is the Skill High-Anchoring.
This is generally a bad skill but high anchoring 15 is 331% damage * 2 overheat.
However it also has 21 AOE attack ratio.
This means it can hit 21 Small enemies.
In this cause you are doing 21 instances of 331% Damage. That is 6951% *2. for 13902%
Or to say it in other words. You need 21 small enemies (or someone to reduce the aoe attack ratio of other enemies) For High Anchoring to get close in value to Split Arrow on 3 (mind you HA has a higher CD). Since you need 21 targets with an aoe ratio of 1 or less to make High Anchoring deal somewhat decent damage and this isn’t a practical reality. High Anchoring is generally a bad skill, but I haven’t tested if its attribute has more value in the current state of things.
Now you look at a move like Cyclone which does a lot of damage and has a high aoe ratio and you realize Cyclone is not only a powerful skill on single-target encounters but it’s a very powerful aoe skill.
I get that spamming the CD is what some want to do but given in general this ability has been removed from pretty much everyone but Monk off the top of my head there’s nothing else to do but put it in proportion to other skills.