True, but you will hit 2 or more Actions fairly often if you are building right. 3 or 4 Treasures out of 4 is a bad deck, and Festival is on the weak end of cards. And if your village can be terminal something isn't right.
Not all Kingdoms support engines and you ignore that this does a job in a money (payload) as well as an engine (splitter) deck. It is not automatically a splitter at all but a variable card. Also, you gotta consider the very card while building. It is similar in this respect to Hunter, a card which also wants you to have variable types (read: green earlier than otherwise and don’t mindlessly increase you Action density).
As I said, it is only bad if you hit more than 2 Actions. All other cases are effects that are as good or stronger than that of a $5 which compensates for the risk / lack of reliability.