Pft no it wouldn't... That's just making it to where nobody can get oneshotted all the time by these Tryhards. Plus even though it'll be one of those perks that might find more use in PVE than PVP but will still have some use for it in PVP nonetheless.
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Why the -blam!- would I use a final round spear in PvE, ever? Final round's purpose is to allow high impact snipers in crucible 1 shot with the last bullet in the mag. Nerfing that will make it obsolete. The spear already brings enemies to 1 shot kill (with body shots), even with husk of the pit.
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... So you intentionally use a Spear with Final Round to oneshot people in PVP... Greeeaattt... ... Or maybe there should at least be some form of skill involved with it to where you don't intentionally -blam!-ing waste two shots and then abuse that Final Round perk like a cheap asshole. :/ Maybe Bungie could make it to where you have to get 2 headshots of that 3 round magazine(5 headshots if you have Field Scout) and then Final Round activates. At least then that would make it a bit less exploitive for cheapos to use.