Yes, ticket wait times right now are insane and not normal. Classic server merges, Wrath release, OW2 release, ban waves, returning players, purchase issues, and all the normal stuff too have resulted in a massive ticket backlog. The average time is not a time for you personally or a count down. Ticket times are between 1 and 2 weeks right now. No, it is not ok nor does Blizzard think so either.
The last layoffs for CS were in 2012 when they laid off 600 people. Since then then released D3, Hearthstone, HotS, OW, Classic, and lots more. They have staff and have not been laying off CS. They support ALL the games, not just WoW.
It does not help that people put in tickets for bugs, change requests, game hints, etc 
You can read more about what GMs can do, and what they can not do, here.
CS is not perfect in any way. The ticket system can be frustrating and the wait right now is not acceptable, but it is not because of layoffs though.