No its not, doing something and achieving nothing is worse, he should dodge attacks if anything. And others are thinking about how to actually approach the fight, while he is just wasting haki and energy and putting himself at disadvantage when they actually plan to execute action which matters. Both yonko are totally fine right now and what luffy is doing is just a negative thing logically. But he is retarded and even if he has like 1 hp remaining some BS will happen that he can fight as if his condition is better than before anyway.