You can't have a perk work two different ways in two different game modes...
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Unless the impact is getting reduced in PvE as well, it is. Which after playing last night I think it is as well. Which is just silly if you think about it. The perk says "Increased handling, stability, and rate of fire when enemies are close. Kills automatically reload a portion of the magazine." No where does it also say "and the impact is reduced to make it fall in line with high RoF low impact archetypes" Should it get knocked down a bit? Probably, but reducing the impact by slightly more than 84% is a bit excessive.