I use the M1942 from time to time and I think it's fine for its price. I mean I guess you can do the damage buff if you want, but I dont see at all why penetration should get buffed. 222, 251, luchs and Puma, those are the units the M1942 is supposed to hardcounter, and it does. It is supposed to do jackshit vs p4 frontal armor. It penetrates a p4 from time to time (especially on rear/side armor), but not always ofc
You really should test the M1942 in cheat commands mod, it isnt that horrible. The amazing RoF is just perfect vs smaller vehicles, and it gains vet pretty fast.
But why should it do jackshit vs medium tanks? Rak only costs 70 MP more and is non-doctrinal T0 with 160 damage 200 penetration cloak retreat etc.
Also AT-guns are generally pretty bad vs light vehicles because of their mobility and small target size so I still don´t see how the M42 is "amazing" vs small vehicles unless opponent plays bad.
I don´t see why a doctrinal unit that is really only marginally cheaper should suck so much compared to OKW Raks. Especially because it comes in doctrines without powerful off map abilities or tanks.
But whatever, it´s just the lazy way the game is balanced. Give Soviets a couple of OP units so they can compete and leave the rest a horrible mess of uselessness. Outside of the meta units almost every single unit Soviets have needs to get buffed to become viable. Just sad. Dshk, M42 at gun, KV8, KV2, B4, Partisans, M5 HT, T34 76, Maxims, 80mm mortar (yeah I know bla bla bla utility). Everything is completly underpowered and forces you to go PPSH Guards T70 SU 85 IL2 every game if you want to win.