I would say yes, they are useless without additional spells. Clerics and druids do not keep tanks alive with only reactives and regens against anything even close to white group^^. With special attacks that do way more damage per round than either of those heal, combined with regular hard hits, both need to always mix in regular heals with the special heals. Mystics wards are actually less worthless, using your logic, as they can, if chain cast, be nearly the only spelll we need. Mix in two debuffs (haze+str/sta) and we can almost exclusively cast wards. That is not the case with reactives or regens; they always require a mix of special and regular heals (against ^^ stuff anyway).
I would not argue that we are more efficient healers then either, particularly templars, but I do think we compare nicely when debuffs, wards, and heals are mixed together. True efficieny numbers could not be even speculated until, as others have pointed out, actually log parsing is completed. The very basic example in the original post is not at all a typical fight for a group.
And while wards may not be as efficient in most tank situations, they do come in handy when a mage/scout/monk starts getting hit. A situation where regens or reactives are virtually useless becasue they do not come close to coving the damage inflicted.