A skill is morphed just once .. skill up to level IV, morph it and then level 4 more times, and yes, after morphing leveling it up cap will take a bit of time but just use it as you level and it'll reach cap well before you'll feel the need of its maximum stats.
Y it takes some time but its fine imo. On VR14 level you probably will have all skills you want at max lvl.
"We are currently investigating connection issues some players are having on the European megaservers. We will update as new information becomes available."
— They always claim they’re “investigating” the causes, but in reality they’re just waiting until the PC EU players go to bed. Once that happens, you can suddenly log in again and they happily mark the issue as Fixed.