You can still buy it and play it during your relaxation times I mean it's not like you study 24hrs a day, you have many breaks so there's time to play, perhaps during weekend... It's up to your time management really...unless you get hooked then avoid buying it until your exams are over.
And no, it's not insensitive at all. Perfect timing.
I don't think they did it deliberately! If they wanted to increase their sales, they wouldn't release it on a date that could prove to be problematic. I'm in the same dilemma though, know how you feel. I'm holding off D3 and Guild Wars 2 until my exams finish June 20th. Ahhh!