Yes, as spray and play doesn't require anything except your mag being empty, and feeding frenzy requires a kill, making it less useful for anything with larger health pools. Although I would certainly take either one over cascade, haha.
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I feel like the requirement for the empty magazine is actually a handicap for a high capacity weapon compared to Feeding Frenzy, which you can have a little more control over, provided there are adds handy. Who's Next doesn't belong on anything like an auto or pulse rifle, and Cascade is misplaced outside of shotguns. Maybe it could work as a pressure reliever on a hand cannon or scout if a mob creeps up on you just before you can reload.
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I think that even if they up the damage, it's overall damage output will still be pretty average, even if they also gave it a mag of 60. It just empties so fast that spray and play seems absolutely perfect for that weapon. Also, if I'm aiming to damage a boss or a target like the swordbearer, I'd rather not have to waste the last 1/4 or 1/8 of my mag on a random add to get the reload increase that will still wind up taking away from overall DPS by using bullets on something else and then having to reload (even if it is faster reload time)