No, it’s not ‘underpower as ■■■■’, there’s trade offs for both option.
By sacrificing the skills of a new class, you increases the effectiveness of what you have. the gain on Thrust/Bash isn’t much but the longer duration on Gung Ho and more charges on Concentrate is worth caring a tiny bit.
Also, any attribute investment you’ve made will also gains with the increased level of the skill. Since most attributes require time to train, this means it’ll take time for the high rank class to get its attributes (not to mention higher class’s attribute also cost more at the same level)
Depending on your investment thus far, even low rank skill with good amount of attributes can outdamage the high rank skill for a while. Of course with more investment eventually that high class’s skill can get similar level in attribute as well.
On the flip side, taking new class means more skill you can use, usually with higher power for higher rank class.
And any new buffs you get means one more buff slot taken, pushing you closer to that buff limit.
So tl;dr version:
Upgrading your low rank class - Increases efficiency in what you already have + have invested/cheaper attribute.
Getting new class - more actions to take in order to fully utilize all your skills, which usually is overall increases in SP usage compare to the other option, and having 0 attribute trained means you need time before your class REALLY start rolling. But on the loooong run you have higher potential.
So if it’s a rank without any class you absolutely need or if it’s an alt to unlock certain hidden class then you might consider upgrading your low rank class to cut down on the amount of investment required to reach full potential.