I'm part of the CVW-13, and we mostly fly VT-13, a torpedo squadron. We love flying formations and all that Zekes vs Wildcats, but on servers with more flak, the risk/reward of torpedo bombing is really off.
Apparently the problem is that the explosive charge is not enough. It is realistic, but since ships only have "above the waterline armour", then the effect of explosives on a less protected, below the waterline area is not modelled. Therefore, each torpedo does a minimal, irrealistic amount of damage.
I would suggest counter-balancing by either 1) having torpedos with more explosives, or 2) modelling underwater armour as well as above waterline armour. Either way, if ships entered evasive manoeuvres, it would be the best thing ever
Cheers!