So is the production system more equitable to Victoria 1 in that regard?
Don't think so (it's a very long time since I played Vicky 1), it's more a matter of factories being almost like resources you can assign and unassign to material production lines, rather than going in and specifying what each individual factory should be producing at any given time. It's therefore easy to say "three fewer factories should produce infantry equipment, three more factories should produce tanks."
You set up a production line for one specific kind of item, then assign up to fifteen factories to them. Over time they will become more efficient at producing the item, and therefore have a higher output as they streamline production at those factories. You can have as many production lines as you want, but if there are no factories assigned, they will not produce anything or consume any resources, just wait for you to assign factories.
You can unassign any number of factories at any time, and assign them to a different production line producing a different (or the same) type of thing. I recommend looking up some screenshots or some of the WWW videos to see it in action. Far easier to get a handle on when you see it, as it's a lot more visually intuitive than production in previous HoI games.