A submarine does not really have enough guns to effectively engage enemy aircraft with even or better odds of success. The 40MM Bofors is really intended to be installed in large quantities (5+ pairs or better) when used in an AA application. On a submarine, two pair is about all you can install, and even two pair of Bofors can't offer the volume of fire needed for AA work. Honestly, a submarine should never attempt to fight aircraft if it can submerge to a depth of 150 feet or deeper. Aircraft are just a lot more effective as anti-shipping weapons than submarines are as anti-aircraft weapons.
If you can score hits with the Bofors, it is of course far more effective than a 20MM, but the slow rate of fire makes scoring hits on a moving target more difficult with the Bofors.
That being said, given the choice, I'd take Bofors over the 20MM. I'd just use them on ships as opposed to aircraft, which I avoid at nearly any cost.
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