Those calling for Zen Flight being set to mount speed are missing the point. It is called Zen Flight for a reason. Where are you going? When will you arrive? Why are you going there? All these things do not matter. Working as intended.
On topic though, HELL yeah. Now that you mention it, having windwalkers be this susceptible to falling damage is a travesty!
For a good ingame example, look at the cinematic fight between Taran Zhu and Garrosh. He bounced off that water surface like a fracking bouncy ball. We should have a way to mitigate falling damage because anything else feels clumsy, something no Windwalker should be associated with.