Yeah pretty much. Not to mention it has 20ft pushback and prone as side effects of that failed save. But then the Monk is out of ki. So I suppose if you suspect that 115 damage (average+1) is going to kill the BBEG, well, do it. It's probably the only Way of Four Elements ability that isn't lame. You'll note that Water Whip has almost identical damage and wording.

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.