Sadly true. Slightly higher armor does not make it good enough as a tradeoff. Should make it a heavy siege option. Slow, but packing a huge siege shield in one hand, and a heavy MG in the other. Terrible speed and range, but really high suppression and very hard to take down. Basicly, blinged-out training wheels for rookies in lategame XD

That suit does really need a buff, in X1 the equivalent had a very real use, it was much stronger armour wise than even the second best suit in the game. You were a walking tank, capable of taking hits from most weapons and not caring, all the while having no move penalty to accuracy on heavy weapons... It needs a buff bad in short... Honestly, it having more armour feels a bit lazy, what about it having halved armour degradation? It can take more hits back to back, while not being able to eat the most powerful weapons without care

Edit : It also allowed to shoot heavy weapons with less TUs from 80% to 60% in X1, which allowed you to move quite a lot and still shoot with the scariest weapons

We have been talking about this a few times.
I would give it an interesting feature to be an atractive option.
The base armor could be buffed to (40>50) but I think it should have better control over heavy weapons (.e.g. 10-15% less TU spent) and inbuilt healing module.