Yeah, that is true. Taking typical Assault Rifles from nowadays like the M16 or the Steyr AUG, their Muzzle Veolcity is about 1 km/s (about 3 mps). Even though air impedes the bullet massively over time, just calculating with that speed in a normal shootout over like 150 feet of distance the bullet will still arrive in a fraction of a second at the target (I am at school and have no motivation to do any more detailed calculations, but I may do some calculations, MAYBE!).
Even with 4 IPs one of your passes takes 0.75 seconds, and even so, when you do something like that it just means your brain reacts that fast, but your body is still not faster than always. Anybody ever played F.E.A.R. or Max Payne? The bullet time there is much more accurate if you want to know what Wired Reflexes feel like, than the Matrix Movies. You can see the path a bullet takes, because you are fast enough to see the air disturbances but you will NEVER dodge a bullet. The only advantage it does give you is the simple ability to aim effectively, before your enemy has time to react to you, and be quick in cover, when you see that the enemy takes aim at you, but from the moment on, the bullet has been fired, there is NO WAY to dodge it anymore (The Matrix movies are terribly inaccurate because with that amount of slowdown applied there, a bullet still would be exceedingly fast, and you couldn't do any cool dodgemoves like Neo
)