Probably not. I like to challenge defects like this with a simple question: Would an actual user execute this behavior?

In most situation I would not expect users to refresh a regular page ten times in a row. Some pages might only update the page content on a refresh, forcing the users to refresh often to get the latest data. I think that is more a UX-issues instead.

So talk to the users. Do they refresh often? 

 - Yes. It is testcase you should run every time.
 - No. Ignore the issue. Why swamp developers with defects that users never run into?

I do like to add a test like this to a set of heuristics. A list you sometimes mix during an explorary testing session.

**update**: In this case I do wonder if the bug really only happens on quick refreshes, or might it also happen the first time, but only 1 out of 10 times. Is it the load on the server? Is it database locking? What happens with 10 users at the same time.. Ohnoo my brain is on overdrive. Maybe you are on to a real issue. Do research it.