When I played 1942.2 with TPs A0 D1 M2, 1 hit, C8, things were simpler.
In opening Atlantic naval, I add 1 U-boat because TP could be taken as casualty before bigger target. In opening G1, TP were sunk before Destroyers and UK’s Battleship.
On UK1, Cruiser in Baltic was taken last.
After, DDs were still bought because of their firepower and Anti-Sub and used as fodder before TPs.
Things are more nuanced than with Classic but when only Cruisers and Carriers and BBs remain, TPs were fodders before these costlier warships.
Rules are simpler with owner choose his own casualties all the way, it helps with beginners (Subs, planes and TPs interactions OOBs can become messy).
But, you get some unhistorical situations in Pacific mostly, between US and IJN when TPs are protecting warships and not the reverse when it is the decisive naval combat.
And yes, Allies wins because in KGF, Luftwaffe and Subs have to kill both warships and TPs 1 by 1, air attrition is a real factor. I would say it tips things Axis 30% vs 70% Allies, if you consider OOB Axis 70% vs Allies 30%.
After, I played with 1 stack of TPs rolls 1 dice @1 but each TP worth 1 hit. It makes 3 and more TPs feel less dangerous for aircrafts but not helpless at all. No auto-kill is better IMO. And fit better to balance 1942.2
Der Kuenstler is playing on his hybrid AA50 map and setup like this with TPs A0 D1 C8, 1 hit for a long time and him and his team saw no issue because now Destroyers exist and Subs are much cheaper. In Classic, there was only 8 IPCs TPs and Subs, so there was a big stack around warships Carriers (18$) and BBs (24$) and Subs were broken against planes.
http://www.axisandallies.org/forums/index.php?topic=30618.msg1108069#msg1108069
HTH