Total Global novice here, but I would say yes. Slaughtering or neutering Italy is a huge priority. I think going for the UK and trying to keep it is a poor choice early for Germany. There are five victory cities reasonably attainable and three are in Russia; so Russia is the game for Germany. After that, then it’s London or Alexandria- Alexandria is the easier choice. Which means it’s the key to the endgame for the European board.
Therefor, to me, if the UK can’t control the Med, they are done. Which means gut punching Italy early when you have the chance. Hence Taranto. All of Italy’s bonuses are on the south side of the Med. Leave them with one transport and you still have the advantage- even with few assets early. You’ll also need a strong uk med presence for when India falls.
Conversely, although opposed to Sea Lion, I am highly in favor of Germany having a strong enough navy early to jack with UKE, so that Italy can have a chance. Maybe Scotland, maybe London for a raid and then get out, maybe just convoy raiding them, or sneaking assets down to the Med. Otherwise, in addition to can opening, all Italy can do is garrison. If Germany can help Italy to take Alexandria, and turn that corner towards Sudan, UKE is in some serious do-do. Which allows Italy to blunt the US and Germany the chance to crush the Reds with impunity.