Life steal has similar issues too. There's also the standard issue with knockback in these kinds of games. The lack of any enemy resistance/diminishing returns, means it's way too easy to get enough knockback that enemies cannot touch you anymore. Ranged attacks are too few and far between to worry about with the current levels of sustain. Meaning you can just Stand Still and Kill way too realiably.
Edit: Lategame with 6x Wands I'm getting so much screen shake it's triggering simulation sickness. It was due to having Pierce + Bounce. The screen shake from my projectiles bouncing off the edge of the map.