Not at all. FO3 VATS is to homage & nostalgia, as CSI is to actual evidence gathering. These are both spectacle for the casual observer.

(And they bear little to no resemblance to what they purport to depict.)

But it is even without AP cost because IT IS real time. Reloading, swapping weapons...that's all stuff that takes time and in a game with FPS elements it will decide how well that fight will end.