At least its better than the NFL, where they can kill 2 full minutes at the end of the game, and dont even have to take the final snap.
I do agree, though, that a change could make it even better. I like the idea of a discretion call by the officiating crew...
if its noise caused or confusion, 5yds, reset clock to what it was at the time of "whistling in".
If its deemed intentional, like we have been seeing lately, loss of down. This could apply on any down, including on third, which would result in loss of posession. The reason to do it on any down is to prevent the deliberate penalty being taken on 1st or 2nd, which actually kills the same number of seconds as doing so on third, and could serve as a "workaround" of the rule.