link's grab range is perfectly fine. Its just as all tether grabs have been since the very beginning; they get the benefit of being far longer then typical grabs, at the massive sacrifice of having horrid end lag.
If a link misses his grab, you basically get a free punish on him. In fact this drawback is so huge, that sakurai even noticed it didn't make up for his extra range previously, which is why he slightly cut the ending frames on it so that link is't left *AS* vulnerable.
again, all tether grabs have the benefit of having long range, at the cost of having horrid end lag. Link's throws also aren't as devastating as you make em out to be. His primary throw is down throw which at lower damages can be true-comboed, but more often then not, the followups you get from it will be by reads on your opponent. His forward and back throw's are meh, and his up throw usually only kills at really high damages, and/or if link has high damage and thus rage.
but eh this is about falcon and not link, and to answer the op's question;
falcon you forget, also has the drawback of having his dash grab slightly delayed, specifically, it doesn't come out till after he's taken that huge lunge forward, this can often mean you'll zip right past your opponent attempting to grab them, because you were too close when you started the dash grab.
Sure that huge jump forward has benefits of increasing his range greatly with his grab, but its also easy to miss it if you were too close to your opponent when starting the dash grab, something most other characters don't have to worry about with their grabs.