Honestly the Sherman needs a small buff as it stands now that the P4 has had such a drastic increase in performance.
I don't however find USF indirect fire lacking at close range *due to the mortar barrage being rly good* but I would say the long range pak howi is pretty bad due to its cool-down, scatter, 3 man crew, and the fact that most of its medium to close range is worthless.
Another thing that rly bugs me about usf is the core Riflemen squad's 5th man seeming to drop off a drop of a hat meaning you lose DPS while closing in on long range units like volks.
It makes it extremely stressful and hard to get around the range limitations of USF early on or until you get bars but its such a long stretch that you endlessly fight and up hill battle due to the manpower drain.
Its not the Pz4 that is too good, it is the position you are when it hits the field that makes the difference.
To explain myself, before the last patch the Pz4 was the "game changing unit for Ostheer", and I'm only looking at a balance match for this statement. Today the Pz4 isn't anymore this milestone unit it was before because Oshteer has such a far better early game vs USF that's the moment the Pz4 is out the USF player is already struggling vs Ostheer heavy infantry play. This mean Oshteer have better access to fuel and retain more map presence early game increasing their fuel income = faster Pz4
As USF to counter heavy infantry play you need to invest in weapon rack, ambulance and probably a light vehicle which put even further the moment you can have a sherman when the Ostheer play can skip T2 because those USF light vehicles have been so much nerfed that they're not a significant threat... Just compare the effectiveness of the Flak-trak vs M15 if you have any doubt about it. It's silly because as USF you need those vehicles to reduce the manpower bleed or to counter the sniper but at the same time they do not pose a serious threat and even if, a pak is usually enough to reduce even more their capacity to slow down the Oshteer player.
So the Pz4 comes simply earlier, check the last time you had a sherman before a Pz4 (here again in a balanced matchup), in my case it was probably last patch. So you (and I before start thinking about it a while ago) think the problem is the Pz4 when it is not.
USF problem is a serious lack of powerness early game due to the modder will to make all factions equal at this stage, which is great on the paper, but at the same time USF is still not having all the tools to compete with those new rules.
USF is still dependant on having early game advantage and still need to pay extra for that.
But today you must pay those extra to be at your opponent level which is stupid which lead you to have your medium far later than your opponent. hell you may get your sherman after OKW pz4 hits the field...
USF need a serious overall design revamp. Will it happen, I don't know.