Yes the M36 should be able to fight the Panther and heavier.
On the other hand it should not be able to Penetrate the Panther with 100% chance to hit and penetrate at range 60 nor it should be able to completely shut down the PzIV.
Superior allied infatry and TDs that can penetrate axis armor from range 60 is bad designed that reduce the diversity of built orders.
The Jackson vs Panther dynamic's already fine. The Panther has the edge within 50 metres, so the Jackson has to leverage its extra range. It's a lot like SU-76 vs Panzer IV.
A token penetration adjustment adds annoying low probability bounces without making the Panther meaningfully stronger. A more substantial adjustment would give the Panther a universal edge, turning it into a vehicle that counters the entire USF motor pool.
And the shutting down the Panzer IV thing is total bullshit. The Panzer IV is a generalist tank: it can still fight infantry.