Yeah, best time to use them is in emergency situations where you need to take care of an enemy escort. Since they often hit ships at unpredictable angles, I generally set them for magnetic about 1-1.5m deeper than the escort's draft. This ensures they don't bounce off the hull.
Best thing about them is that they generally hit the escort in the stern, so even if they don't kill it outright they generally blow off the props.
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