I think in real life planes were to be avoided at all costs. They were prefectly suited for sub hunting and all accounts I've read said they were the most significant threat to u-boats.
In the game I guess it has a lot to do with what boat (and flak) you have and the weather. With winds >6 knots there's nothing to do but dive. When the weather permits using flak there's no reason to dive, you can pretty easily shoot down any planes that attack you. With an uprgraded gunner or two, and two twin 20 mm guns, you should be able to defeat the air threats. At least until late '43 I've found.
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