In your question, you mention that the app displays the text of the captcha right under it. If you mean that the correct answer to the captcha challenge is displayed to the user as text in addition to its display in an image, then it should be a simple matter to script an automated scan. Your script would be able to complete the login process by reading the text of the captcha answer from the web page, and then providing that answer in the proper field.
I haven't used the tools you're using, so I'm not familiar with scripting capabilities that they might provide. But in Python, you could use urllib to implement this capability. In Perl, you could use LWP.
In my opinion, using a captcha can reduce some risks in a web application, especially risks related to a new-user enrollment process being abused by automated (non-human) clients. It could help as a part of a login form for existing users, but to a lesser extent. A well designed login form should protect itself from brute force login attempts, even wihthout a captcha (for instance, by limiting the number of failed login attempts possible in a given time period for the same user account or client IP address).
And of course, displaying the answer to a captcha challenge in text pretty much removes the usefulness of having a captcha to begin with. At that point, the implementation is inconveniencing the user while providing no security benefit.