Is it realistic? Depends on how you define realistic.
Wrestling is not simulating a fight between bar patrons, but a match between top-ranked experts. By virtue of being in a professional wrestling setting, we are to assume that the combatants are the best of the best, and quite closely matched. They can, apparently, think up some strategy that will set up an eventual win (which a normal person could not), they can execute that strategy (which a normal person could not), and most importantly, they have to, because they are not facing a normal person.
Logic by itself is rarely enough. Wrestling is sports fiction, so analogy to films like Major League, The Natural, Slap Shot, Rocky, &c are appropriate. A really accurate movie about a boxing match would not be Rocky, and a really accurate movie about a Little League game would not be The Bad News Bears -- but if those movies had half-assed the sports side of the story, they would have been the less for it.
There is a place, though, for a pure logic story. Not all genres can support them; it depends on the audience. Mysteries, thrillers, certain kinds of science fiction : the author can put the balls on the table and take his shot, and click click click, they all drop. The market for the wrestling equivalent of that is probably quite small, but overrepresented in places like this.