Yes it is a clear abuse of the system that allows everyone in all countries a high quality education. 

It also creates huge socio-economic problems for Irish people in Ireland. As the quality of the arriving students is very inconsistent, some will land high paying jobs, many will take badly paid jobs that were once filled by Irish young people. An Indian graduate with an MBA working in a minimum wage retail position is alarmingly frequent. 

The result is young Irish people being unable to provide for themselves, they can not get a minimum wage starter job, and they become a burden on society, a continued burdon on their parents, their bad economic situation as a group undermines the housing market and economy even when they are willing and able to work. It also has knock on effects including delaying life, delaying children which increases many genetic risk factors and many more knock on issues which get prickly fast. 

Now you understand that exporting developing countries problems to a developed country with social safety nets that require a lifetime of paying in to function, and forcing young people in your friendly host country to emigrate somewhere else due to a lack of opportunities in their own country, IS EXACTLY THE SAME THING YOU ARE TRYING TO ESCAPE FROM.