No it's shouldn't, it's a way better and ooc LTGB, any ranged unit cannot escape it and will most likely get 50-70% of their hp when it explodes.
I'd say any ranged unit *can* escape it, just hit retreat like you normally would a well placed ltgb. Other than that, any unit with speed > 5.7 will outrun it so that's most vehicles and eldar units, scouts and termagants and others with a speed buff. Not saying the wargear is perfectly fine but what you said just felt like an exaggeration.
The damage seems fine but the 30% drop in movement speed makes it far too easy to dodge
You're probably way ahead of me but it sounds to me like it could work as a pretty strong deterrent to melee squads looking to engage. Why try to chase them when you can keep them away and put some serious dakka dakka on them with your ranged blob.
Edit: I should say eldar units with fof, my bad.