Panzer IV Ausf F2/G had 50mm armor, H had 80. The 2 Pounder was perfectly capable of taking it out. But it rarely got the chance. The 2 Pounder saw most of its action in NA. Rommel never allowed his tanks to charge head on, his Panzer IV Ausf Es would always lob 75mm HE shells at the British guns before advancing. But the 2 Pounder still could destroy most German tanks of the time with ease if they were under 500m.
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Both guns did suffer from one drawback though: neither one of them could use HE shells, these guns were firing antitank shells and nothing else, which is why tanks with these guns faired very poorly against German antitank guns.
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Few British guns and tanks could fire HE. The Crusader was the 1st British tank to be armed with HE, until then only the 25 Pounders were equipped with it. All later tanks usually had it.