While you are right that CoH2 is not a simulation you are wrong in the statement that the 90 M3 is superiour to the 7,5 cm KwK 42.
Actually their anti armor performance is about the same at typical combat range of the time.
The one exeption would be the M304 HVAP projectile. A limited issue tungsten core APCR round. Comparable to the German Pzgr 40/42 only the effectiveness scales better with a larger caliber gun.
With standard issue APCBC/HE projectiles like the M82 or the Pzgr 39/42 the difference in penetration up to 1000 m is allmost nonexistent. At longer ranges the M3 starts to get a slight advantage.
The KwK 42 has a higher RoF and higher MV. Making it the superiour anti armor weapon of the two.
The M3 can use a much more effective HE shell. The M71 shell has allmost twice the projectile weight compared to the Sprgr 42.
The M3 is comparable to the German 8,8 cm KwK 36 in most regards. The KwK 42 was desigend to have the same or better anti armor performance than the latter up to 1000 m. So its no supprise the same is true for the former.
In a direct duel the M36 is allmost canceless against a Panther. Without HVAP it can't reliable penetrate the frontal armor of the Panther at combat distance while its own armor offers no protection against the Panthers gun.
Long range shots at the flanks preferable from hiding or ambush position are an effective tacti though...
this is how it works in CoH2. The M36 is not a duellist or knife fighter but a long range sniper. It needs distance and should disengage as soon at it is spotted and run if it takes return fire. Its a glass cannon.
First of all, the tank destroyer units had priority over armor in getting "limited" Ap rounds. So assume the m36s, which were produced for the very purpose of countering Panthers and Tigers, will have these available.
Second... if you answer is going to boil down to "historical" then let's double or triple the cost of all German heavy armor since they were in seriously short supply compared to allied units. And then those heavy tanks will have a chance during all engagements of getting a damaged or seriously damaged engine for no apparent reason. No Tiger company ever went into battle with more than 80% of their available combat strength, and often had much less available. And that was at the start of combat.
TL;DR - It's a game. If your answer is going to be "Historical" remember it cuts much worse against the axis. They did lose the war you know.