Check out my 115 division + 11 HQ Barbarossa. The Romanians and Hungarians you're also seeing only stood there and did f*** all, but so far it's working pretty well for me.
Of course, the lacking quantity is compensated by quality - my divisions are well fed, well led, fully reinforced, German (duh), all at most once obsolete, and with up to date doctrines.
The fact that at one point I was able to do a bombing run of 19 bomber units (10 tac and 9 cas iirc) on one province does help a LOT. RL Allies, I see your thousand bomber runs and raise you my (almost) FIVE thousand bomber run! Shame that I lost the pic, but it's true. I have even more bombers now.
Note that I'm assuming 250 aircraft per unit, to make a 4-unit STR raid an even thousand bomber raid.
Otherwise, the Germans produced over 35,000 aircraft in 1944, equating to 350 air units for an 100 aircraft interpretation (and reinforcements cost close to the initial build for a unit in my personal mod).
Even if Germany is doing well, building 350 air units in one year is a stretch at least, though not wholly impossible. Building 88 air units in 1 year is bad enough, you need to do some IC runs in the early game to get there and not return N. France to the Vichy Government like I did; for my slimmed-down Germany it's more or less impossible, even though I'm looking at some hefty IC boni in 1942, primarily due to Albert Speer, but I'll have to kill a lot of dissent.
Also, for those among us who have problems with the AI not committing to strong amphibious landings, I give you the 15 division attempt by the British to break into Scandinavia: