Faster speeds have another advantage apart from giving the target less time to evade: It reduces the impact of slightly inaccurate torpedo settings.
Ok, if they don't zig-zag you shouldn't miss entirely anyway.. but it can mean the difference between sinking the target with 1 hit in the oil bunker and needing to spend another eel/a few deck gun rounds and risking trouble.
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On the other hand, faster speed means less time under the target. I can't verify this completely, but I believe at AoB close to 90/180° this makes magnetic detonators even less reliable.
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