It's much worse, the maximum on-chain transaction rate is something like 7 per second. Also the time intervals between blocks have a huge spread, so it can take more than an hour for a transaction to be confirmed if you are unlucky. This is obviously impractical, so people came up with schemes such as Lightning to avoid touching the blockchain as much as possible. Of course this makes it much more difficult to judge whether the system can be cheated in some way...