No it doesn't. There's a difference between losing your equalibrium and losing consciousness. It's part of the reason we have TKOs and KOs. One is out, the other is "technically" out.
As far as I can tell, there's no amount of acceptable sleeping in the octagon. Like of you are only taking a one second nap it's OK, but at 3 seconds we call it.
I get that it happens, I get that refs aren't perfect, and guys can bounce back from getting flashed just fine.
But if fights are supposed to end when someone gets knocked out, they should end when someone gets knocked out. If it's the KO plus 2 seconds, I don't love that, but fine, that's the rule. But it should be applied equally and competantly.