The MG34 is arguably the worst MG in the game in both suppressive power and lethality of bullets.
The MG-34 is the worst MG in terms of DPS, hands down, but it has good suppression, probably vying for second-best after the MG-42 along with the M2HB (which, by the way, has the second worst HMG DPS after the MG-34).
For the OP, I don't really see any reason why OKW can't have caches. They already benefit from them in teamgames and the game has been moving towards making the factions more samey anyways.