Pretty much. Especially when you take into consideration that natural healing regenerates 1 HP per level per 8 hours of rest. Without magical healing, a level 10 wizard can come back from the brink of death to full health in 3-4 days. Even faster on full bed rest and/or regular Heal checks.
It's one of those things that I think most people just hand-wave, much like daily food rations and cheap spell components.