Yeah, but it would be a single CV vs enemies with multiple CVs.
If you're within range of land-based air, the CV becomes the prime target, and quickly dead. If it's actually at sea for extended periods (sort of laughable as a concept for the KM), then it faces multiple CVs. On top of that, it has virtually no replenishment.
Single CVs have use, to be sure, but they are far more useful for a navy that has CVs to burn. If it's a precious unit, then a lone CV is indeed useless. Even the IJN with multiple fleet CVs was in this situation. Each carrier was effectively irreplaceable. As a result, using them onesy-twosy was a disaster. Using them attracts the enemy, yet a single CV (particularly one like GZ that would have had a tiny airgroup) cannot defend itself.
So useful, like Bismark, for one sortie.
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