I disagree, the byes and the 2 free points simply distorts the ladder no matter how you look at it.
The L column is no more important than the W column really, and you just have to read the table carefully and with a bit of nuance. Just look at Manly with 4 wins and a draw, sitting 2 spots higher than the Rabbits who have 5 wins. It's just distorted.
Yes we are only 2 losses less than the Rorters, but we have 3 more wins than they do. When we get the bye and they play, maybe they win maybe they don't, but we definitely get the 2 points that week, so it's not accurate to say 1 column is more important than the other.
But regardless of which way you jump or how you interpret it, it's still very fair to say it's a bloody tight competition, and it won't take much for a lower team to make a surge, or a high team to quickly fall.