YANBU, nor are you being over sensitive.
Actually, what you're being is observant, thoughtful and intelligent over your cats behaviour - I wish everyone was (though, well then I wouldn't have a job.. ho hum).
She gets wound up and frustrated by the target she can never actually cat - she needs to fulfill a behaviour sequence, roughly eye > stalk > chase > pounce > grab > kill/play > kill > consume.
The last couple of bits are not always necessary, some satisfaction can be had without the kill/play onward if the cat isn't hungry for example..
But the ability to GRAB a physical object IS important, without that, she has missed. She's failed in the sequence hard wired into her brain to complete. A few failures would be normal, she'd sharpen her reflexes, be more aware of her surroundings, be more ready to pounce etc...
But repeated failures are heightening her responses with no improvement in results because she can NEVER grab the prey. Ever.
That ... in laymans terms - fucks with your brain. Badly.
If there are any genetic tendancies any neurological predisposition to compulsive behaviours (we don't call them obsessive in animals because animals can't tell us if they obsess about them or not.. but it looks the same!), which look like them leaping at reflections, shadows, odd movement, sometimes to things that just aren't there like floaters in their eyes..
It can, again if there is something NQR already, trigger epilepsy (this is more common in dogs though, NEVER use laser pointers with dogs).
So yes, I wish the fucking things weren't sold, they drive many animals absolutely fucking crazy, there are MUCH better ways to enrich a pets life and provide mental stimulation.
Bin the laser pointer (or stick it up someones backside if they keep buying them, up to you).
Provide things on strings, fishing type games, roll balls, try different textures so real fur (you can get plenty of rabbit fur stuff, also sheepskin stuff, look for toys made for small dogs) or even make stuff.
One of the best cat enrichment toys I've made was the small juice bottles (meal deal or mcdonalds breakfast sized), melt in some holes with a hot awl so that treats will fall out relatively easily, fill it up, stuff it inside a kids sock and let your cat chase it, grab it, 'skin it' and get at the treats.
You may want to start with the bottle without the 'skin' sock on it first, and work up to making it harder, and use really good stinky treats too, don't skimp there, you can reduce treat value once she has the hang of it.
Otherwise, really be open to experimenting with a variety of objects and let your cat investigat stuff too (dog people, you do this too its really really easy and really good for your dogs brain).
Bring home your shopping and sit on the floor and go through a bag, letting your pet look sniff etc as you take each item out. Being on the same level as you and getting to explore something together is REALLY good, really, surprisingly beneficial - probably because we naturally do the opposite, bring in new curiousity stimulating stuff and then snatch it away and go NO NO YOU CAN'T SEE SHOO GO AWAY... which makes it stressful and frustrating!
Check out the Nina Ottoson range of puzzle toys too.. those are fun and very good quality.
If she is a slappitybappity pawsy sort of cat then a small Kong Wobbler might be good.
Please update us as to how your cat is after a while of no laser and better interactive/fun enrichment.