I think you are correct. The Rescue class should be a week long and include all possible exercises plus multiple relevant scenarios. And preferably taught by an instructor with at least EMT credentials.
Do you think anybody would take (and pay for) the class, and any shop would offer it?
I don't know if the course would need to be a week long, or if people would take it if it was. Given, however, that the people who take Rescue Diver classes tend to be on the more serious side in terms of their diving and training, I think people would sign up even if the course was longer and the training more robust.
But what is the downside of spending a little more time practicing and demonstrating important in-water skills in a course? Exercise 7 is clearly considered important enough by PADI to be included in both the DM training requirements as well as in the IE for instructors. If it is that important, and if the flowchart information provided in the learning materials is that critical, then it seems to me that it should be discussed, practiced, and demonstrated more in at least the three variations outlined in the materials.
Moreover - and following on what DDM posted above - I also think there needs to be a better discussion of the implications of strictly adhering to a rote procedure (Exercise 7) when it comes to making real-world decisions. In the Rescue Diver course, students are presented with scenarios to which they have to respond. They have to make various decisions such as whether to use a throw bag to help a distressed and panicking diver, or to grab a float and use that, etc. Great! They are making on-the-fly decisions. Then they are presented with a submerged and unresponsive diver who they have to find, surface, and then rescue. And there is no choice in what they decide to do - they have to go through the exact, choreographed steps outlined in Exercise 7, regardless of whether or not those exact steps make any sense in the context.
Then the student decides to become a DM, and they have to demonstrate Exercise 7 again. Then they do an IDC and get tested at the IE on it again. It reinforces that for every other real-world situation there is a range of responses, except for an unconscious diver. In that case, despite what the training materials told you, your practice says you must go through the dance of counting to 3, clearing your dripping hand on 4, giving a proper breath on 5, and then unbuckling BCDs in between while also trying to support the victim's head, not drip water in their airway, juggling hands to support the head while being able to pinch the nose for breaths and then have the correct hand available to unclip buckles in between, etc. I might fully be wrong here, but that seems to me to be just about the least efficient way of trying to save a person's life that I can imagine. The situation is already pretty dire, and the odds are slim, and now you are faffing about because you've been taught that you can take as long as you like to get the person to shore so long as you remove their BCD and give breaths every 5 seconds on the dot.