If there's only a few escorts (would have to be early in the war) it could be worth it depending on what kind of ships are in the convoy. If the convoy say only had 3 DD escorts and 5-8 T2 or T3 tankers the potential gains outweigh the risk of engaging them. With their screen gone you've got carde blanche to get within 500m of the tankers and sink em all.
The accoustic homing torpedos work pretty good if you fire them shortly after they drop their dc's. Even if they don't hit, they'll follow the DD long enough to effective neutralize that threat to either take aim, reload, or make your escape.
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