Yes, because going Luchs is a bigger commitment for OKW player then going T70 for Soviets. OKW risks more when going for it and this alone justify its effectiveness. It more expensive as well.
Any form of AT is enough to scare Luchs away. If you weren't prepared for vehicles and got punished, then I'm all right with it.
Sorry but what are you risking going for Luchs? Volks can secure you from any kind of medium armor.
Captain + At Gun should be enough to deal with light tank, don't you think? At least Volks + Raketen can deal easily with Stuart or T70.
But Luchs is different. It has 7 shots per burst. One burst will wipe your Captain. So 160 + 160 = 320 dmg. Still 80hp left. But this is just theory. In reality well microed Luchs won't get in front of AT gun. But even tho, its 160dmg and then Luchs will wipe AT gun. 2 zooks, another 160 and again Luch will wipe captain. But as I said, it's really really hard to get Luchs with AT gun and 2 Zooks and the same time and even then you wont kill it - you will loose your squads.