There is such a thing as too much realism in a game, and IMO this qualifies
A video game is not real life. Video games are meant to be fun and entertaining.
Personally, I'm not too concerned about the realism aspect of menus. What bothers me is the challenge-destroying aspect of the ability to heal your character to full while completely safe in a paused menu.
In order to alleviate this problem I'd like to see some kind of animation that must take place in order to quaff a potion or eat a healing item. There must also be a limit of 1 item use per trip to the menu. Drinking 10 potions simultaneously while re-applying poison to your weapon should not be possible, period.
Not sure what TES game you've played but I've never had to flip through 10 pages to get to my item. Oblivion was the fastest in fact, with tabs that made the inventory well organized.
Oblivion's inventory originally displayed a maximum of 6 items at a time. If you had 60, that took 10 pages to get through.