@Christian
Don't have the game yet, just going to chime in on a historical/technical point.
There were innumerable types of armor that were employed against Torpedos. You're right that the belt doesn't help against Torpedos, but that's not what the belt is for. Torpedo protection systems can usually be found in the shape of a relatively thin plate (to trigger the torpedo) followed by a whole load of air, water, coal or whatever else there is (the British Nelson-class famously being designed with massive water reservoirs in its torpedo protection array as a way to bypass the limitations of the Washington Naval Treaty). This room is followed by another room that is very similarly structured and you repeat the process depending on how well you want to protect against under-water threats. It's essentially very similar in concept and principle to the double/triple bottoms that were developed against mines.
The other factor protecting large ships from torpedo damage is compartmentalization (aka, how many bulkheads you have and how thick they are). The flooding that a successful torpedo hit can cause is catastrophic, but can be easily localized and diminished by properly closing bulkheads and appropriate pumping efforts. For every famous story of the Yamato and Prince of Wales being sunk by torpedo attacks, there are dozens of lesser known stories about multiple US cruisers having their entire bows literally blown off by Japanese "Long Lances" and happily returning to a friendly port with minimal casualties. The Bismarck was famously crippled by a hit near the rudder, but few people mention that most other torpedo hits scored against it in its final battle did no discernable damage.
Overall, I think that the true effectiveness of Torpedos is heavily overstated in the community at the moment. I cannot comment on their current state in-game (but from the footage I've seen they do look like they need to be buffed), but they shouldn't be some invisible, competition-less godkillers like some people make them out to be.
Their warped reception might be because the cases in which torpedos sank ships are far more famous than the many more cases in which ships survived torpedo hits, obviously because ships sinking are a big deal that is talked about, whilst ships surviving is what you'd expect of them and what they were designed for.