Yes and no. It is a good addition in many situations, making it no exploit or anything.
In firefights it is hard to learn. When learned how to control it, you automatically shoot heads easier when in third person. So you neex to have skill first before you can have easuer targets.
In Renegade-X it will probably not be as bad, as high powered single shot weapons have a little weapon spread. This makes aiming down sights important, negating any effect from free aim/third person view. Still a consideration though.
But still, as long as there are players who will exploit it, it is exploitable, which won't be fair for other players who don't exploit it or use it.