There is no point in comparing the actual stats between weapons with arbitrary profiles. Just compare the stats.
Okay, compare the stats.
Assault Grenadier, Volksgrenadier and Pioneer SMGs are utterly useless, while Allied SMGs are extremely deadly -- not only because of the weapons themselves (Axis SMGs only deal damage in melee range) but also because of the units wielding them (no Axis units get a received accuracy buff when they receive their SMGs, making it impossible to use them as assault troops).
So stats-wise, Allied SMGs have higher DPS and actually work beyond melee range, making them viable, while Axis SMGs have terrible DPS and only work in melee range, making them unviable.
^ This is something Dane pointed out (about how LMGs and assault rifles and regular rifles dominate). Any weapon that only does anything in melee range is not viable. This is obvious to anyone who's played longer than 10 hours.
So what's the difference between discussing it in these terms and in terms of profiles?
The end result is the same, as with all other aspects of balance between the two sides in CoH2: Axis units are not allowed to pose a grave threat to Allied units, but Allied units are allowed to pose a grave threat to Axis units.
The only way the "defensive faction" argument can possibly work is if Axis (and Ostheer especially) units had the same hyper intense DPS at max range as Allied units have in melee range, forcing Allied players to literally cower in fear and run squads around hiding behind buildings and begging whatever pagan gods they worship to come upon an enemy immediately in melee range -- as in, an analogous experience to what Axis players go through now, just in reverse, where Axis players have to tremble in terror at all times because the moment an enemy squad appears out of the fog of war, if they do anything other than get in cover at max range from the Axis squad (which they never do, because they're allowed to run across open fields into enemy fire without losing any models), the Axis squad may as well retreat right away.