It's really not, on the 'undervalued' note. Trust me, I argue against the "Speed's the greatest stat." Thing.

And besides, I'll give a point blank character who can survive a bullet at low tier and doesn't even need to move faster than 120 mph. Anyone whose build suggests cat like acceleration, who can accelerate from zero to some odd mph I'd say at about 3x the speed of humans. Which is visibly obvious when you see a cat bolt when surprised, as well as the seemingly impossible correction while they're falling through the air. (Landing on their feet.)

As well, heightened reflexes. At 120x human reflexes. Not unreasonable for a twink build like this to have, seeing as they have no other noteworthy ability than being fast and agile. 

With this character being wholly aware that they're about to be shot, they would be prepared to move. A flash of light, their reflexes kick in, they shift their center of weight to the side and push away. The shot misses them by about an inch or so, and they're able to immediately counter attack because they're able to accelerate again once they stop moving.

To be perfectly clear, the character I'm describing is a hyper-sentient cat that can run at 120 mph.