Yes it is, but rerolling one or two saves per day at level fifteen is not a particularly big deal. Gunslinger grit just isn't very plentiful.
Let's see. The first hit that would kill you instead leaves you at 1 hp and 1 grit; the second one leaves you at 1 hp and 0 grit; and then the third hit kills you because you were at 1 hp. So a single full attack of a high-CR monster can still kill you. That's a decent combo but not particularly game-breaking or tier-raising.The capstone, by RAW, can even augment Cheat Death