According to the new Wehrmacht Commander getting OKW P4 with better armor right from the beginning, I made some comparrisons between OST P4 and OKW P4. They both have the same cannon (Penetration values) but different armor values.
All values are from: https://coh2db.com/stats
Used penetration values are for mid range, cause it's the most common range for fighting.
TLTR: Reduce OKW and OST Vet 2 P4's armor a bit and in exchange increase hitpoints to survive a 5th shot and increase fuel from 140 to 150. That would make a difference between those variants and give you a real choice.
So here we go. All percentages show the chance of penetration. E.g. the USF 57mm AT gun penetrates the OKW P4 with 60% chance, OST P4 with 78%. That means, OST P4 survival chance is 18% worse.
Conclusions:
1. The higher armor value of OKW P4 doesnt matter when it comes to allied tank destroyers. They almost all penetrate with 100%. Same could be said about AT guns. The differences are marginal. You don't feel a difference ingame. For example the 6 pounder at gun penetrates OKW P4 with 85% chance. That menas you have a chance of 15% to survive, thats not even every 5th shot.
2. Better armor seems a bit stronger vs allied medium tanks. But even there, almost about 1 in 2 shots penetrates your OKW P4 at mid range. Thats not pretty much. And heavy mediums (T34/85 and Sherman E8) also don't care much about better P4 armor. They penetrate with ~65%, which means 2/3 of all shots fired will penetrate.
3. If you turn tables and look at the penetration values of the German Pak 40 vs T34/85 and Sherman E8 you can see similarities between Pak 40 and 6 Pounder:
Pak 40 vs T43/85 (160 armor): 125%
6 Pounder vs OST P4 (180 armor): 111%
=> Both at guns will always penetrate. The higher armor value doesnt matter.
Pak 40 vs Sherman E8 (215 armor): 93%
6 Pounder vs OKW P4 (234 armor): 85%
=> For having 19 armor more you get 8% higher chance of not getting penetrated. Thats neglectable.
T34/85 does nearly cost the same as OST P4 and Sherman E8 nearly costs the same as OKW P4.
BUT both allied heavy mediums do have more hitpoints, so they survive one more shot! And thats much more important in combat, than having a little bit more armor.
My proposal:
Reduce OKW and OST Vet 2 P4's armor from 234 to 215, to bring it in line with Sherman E8, but increase hitpoints from 640 to 720 and increase fuel from 140 to 150. That would make a huge difference and could help P4 to better compete in late game and would also give you a real choice.