Yes, keepers do seem to react late to this shot but I don't think the success rate of them is high enough to be game breaking really. They often miss the target or are not this accurate, especially under pressure. I don't think I've ever seen an online opponent try one, probably because they are all on basic shooting.
For me the most overpowered shot is the L1 lob, onrushing keepers are always beaten by it with a little dink in 1-on-1s, and it is way too accurate and easy to pull off even when stretching, almost never goes over the bar or wide... A ridiculous number of goals online are scored with them, makes rushing your keeper out completely suicidal and pointless; you are better off switching to them, camping them on the goal line and guessing a side like a penalty.