Yes, the scaling is half of other tier 3 weapons, due to double atrack speed.
You still deal same average damage against regular foes, unless they have high armor, such as armored statues and armored brutes.
It's great for proc some deadly enchantments such as grim, less so with kinetic. It's great for gladiators that need to build up combos quickly.
Another hidden benefit is that you can get free hits if paired with haste, avoiding taking hits at all. You keep track of your timer, hit, move back until you can get another free half time hit. This is useful for FIMA chal, or against hard hitters such as gnoll brutes.