IIRC OLC mentioned (a few years back, time flies!) that torpedos can indeed drop in mid air if they are launched when surfaced. They sort of fall out of the tubes, and get a bit of delay before they get started on their way. I don't remember if this observation was based on any particular mod, but I'd guess him being a thorough fellow, it applies to stock aswel.
The solution: earplugs, I suppose.
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