No they dont, you are just also bad at math.
Take my 12k ward necro. I have 10% armor reduction, but lets say its 0.
You are a 4k hp paladin, with 60% endurance, and 50% armor damage reduction. oh I threw in 50% block chance with 43% DR as well.
https://imgur.com/lh6GiRk
13.5k average vs everything not physical, and 10.6k against 1 shots.
And what does 12k ward look like with nothing?
https://imgur.com/YpsIEAA
wow 12k ehp, its better against 1 shots, and has only slightly less average ehp, AND its got nothing else, its naked!
12k is very reachable for LL players, and they dont exactly always have no extra armor etc.
like if I plug my garbage necro in, I have 16k average ehp and 12k vs one shots with about 10k resting ward.
Necro has no unique ward benefits other then a little bit of threshold and retention.
LL ward itself is also broken because it trades off almost nothing to gain its power and is some of the lowest ward investment. God forbid you are a primalist and get an extra 20% DR while on LL.
There just isnt a world where life can keep up. Some classes simply cant use ward well, ill give you that. But now a days most can. Most melee sentinels can now slot in HH to generate ward, and even after the bug fix you should still be able to get 200-300 ward per hit which is more then enough to give you plenty of extra wiggle room over your health with no real cost.
Hell many ward builds also are able to obtain good armor values. if you dont play a solo minion you can reach a couple thousand armor on necro thanks to dreadshade. or you can be a primalist who stacks strength which turns to int, so you get armor and ward retention at the same time!
Ward as a concept I still think is completely broken. its nothing like the old ES vs Life of poe. cause both of those are theoretically capped. Ward has no cap and thus offers unlimited growth.
Now what I can agree on is retention is imo, the problem. Ward also has a very interesting mechanic of āover stackingā normal health. if you for example get 300 ward per hit, and hit 3x per second, if it decays over 1 second, you still potentially have 500-600 ward to block hits per second if you are in combat. That means anything doing less damage then that does nothing. and even things that do say 1k dps to you, with some leech suddenly whenever you run out of ward, you get to heal ābothā on hit. leading to slowing the actual health damage you are taking.
At the end of the day, I think they need to hit retention because we are able to get too high of values of resting ward. then we might consider looking at how crazy ward is in combat and mess with those dials.