sure sometimes it is useful but your toon probably can be killed while bandaging, easier to heal and drink

A) Unless you have a mage, and especially if you're only gonna drink to recover heal mana, it's a waste of water

B) Sitting is death for a caster, 1.5 second silence, damage mod against, etc.

And if I have a DOT on one of my chars I might renew and eat and drink to minimize the time sitting.