Yes which is why the entire critigation thing is kinda silly.. you mitigate 750 damage in your example.. bfd lol.
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I'm convinced through no testing of my own that it all depends on enemies crit dmg rating. I've seen critigation rolls against certain bosses/mobs where the critigated amount is just about equal to the total dmg taken. The commander in AI (magic dmg spinny boss) is an example of this.
Enemy attack frequency is also very important. A boss critting 40% of the time doing an attack every half second is very different than a boss critting 40% but getting an attack off every 2 seconds on average.