Ahh, I see. I should have been more specific. I did say healing, which is possibly misleading, what's perhaps more correct is that character survivability in 5E is at an all time high. I don't actually disagree with your reading of the action economy.
As for other editions, no, you weren't comparing, but the overall thrust of the conversation has a built in comparison. To say that healing in 5E is under or over powered or whatever is manifestly a comparative statement. So to what are we comparing it? Well, previous editions seems like the least troublesome answer. The answer could be GURPS, but I suspect not.
I'm the person who was debating with Snarfy-poo (said lovingly) in another thread that caused this. I wasn't the one who used the word anemic, but we did go back and forth a bunch. There is was very much about in-combat healing. I understand he's expanded it here, and I don't have any complaints with out-of-combat healing, or the general survivability and lack-of-downtime for characters in 5e.
But the ways the various knobs are tweaked is:
1. Weak in-combat healing so combats don't last too long.
2. Heal-from-zero to stand up characters who have dropped. A good thing, but it masks how weak healing is beacuse if characters actually went negative the healing would be too little to do this reliably with the same resources used now.
3. HPs not interacting with death except in the Immediate Death rules which are very hard to trigger because unlike everything else they don't treat HPs are cumulative. This also masks how weak healing is.
In other words, I think we both find the end result acceptable.
But I do find that the healing is weak, and at least one of the methods of masking that I find a bonus (heal-from-zero) to allow players the least boredom, regularly gets brought up on ENworld and elsewhere as problematic. Even in this very thread we have a person mentioning that they give exhaustion at zero, so the practical effects of that rule isn't universally well received. But if we removed that rule and associated death with cumulative damage again, we would really see how weak 5e healing is.
I am not advocating changing it, I like how it all hangs together. But in-combat healing is weak, likely intentionally to keep combat length down, and propped up with other rules to make it give the results the designers wanted.