Compared to the historical Deutschland-class "pocket battleships", HOI IV Panzerschiff is much weaker. Historically their side armor was 80mm like in heavy cruisers, and main battery turret faces were 160mm, much more than in heavies. However, in HOI IV Panzerschiff ahistorically has only light cruiser armor (60 mm), not 80mm as Hipper and other heavies. IRL Panzerschiff made 28-29 knots with that heavier armor, in game only 26 knots with lighter armor. Historically, they also did have 8 150 mm secondary guns (as light cruiser main guns); that ordinary heavy cruisers did not have. So to be historical, the template should have one slot of heavy 28cm guns, 2 slots of 15cm secondaries, aa guns, aeroplanes and torpedo tubes, plus better engines to move all that faster than now.
Admiral Graf Speed fought alone quite well agaist three British cruisers, one heavy, two lights. It retreated to Montevideo for repairs, but was in better shape than the British heavy cruiser HMS Exeter; Graf Spee knocked out all Exeter's 8 inch turrets. So, to be historical, Panzerschiff should have also have at least as many HP as a heavy cruiser, preferably more.
I have complained about this before and written it in Suggestions also. Please do the same, maybe they fix this some day.