No. Better if OKW has more munition sinks. The LMG-Ober-variant of the MG34 is still a very good weapon surpassing the other LMGs. Only thing that may need looking at is the IR StG 44.
Things that need looking at are their veterancy as suppressing at vet 4 should be an ability or reworked while their survivability from the vet should be toned down. One hit of received accuracy is enough given they aren't mainline troops and already have that very good received accuracy. Once those are addressed, they can use lower reinforce as they will be less like terminators versus infantry.
I think your forgetting why Ober's exist. They exist because OKW's main line infantry (volks) lacks any real sort of punch and cannot put out enough long range DPS on their own. They are supposed to be support by Sturms for close range and Obers for long.
Right now Obers are just "decent" at their job, which misses the point of the fact they are made to fill the hole of AI which OKW doesn't have on it's non-doc infantry. They have good vet and shine when they get there; but the challenge is avoiding squads wipes on them since they enter the game at a point in time were explosives are starting to ramp up in quantity.
Once upon a time MG's couldn't really do shit against infantry, that day is passed us. Obers getting their LMG (and thus the entire point of their existence) for free makes sense if it's going to do reduced damage.
A lot of people love to think about how shit was in the past and go "oh well it was OP then...." without thinking about the context of
why it was OP in the first place. MG's are no longer shit and can actually kill things. The KT is no longer a Baneblade. Much of what made OKW "OP" is gone now (with good reason is most cases).
I don't care for their suppression at vet 4 and would happily see it removed if they got a little cost reduction so they were more sustainable.