Just doing a quick search on the net at German Uboat's of WW2 it becomes apparent that it took on average around a year to get a Uboat into service which is slightly longer than HOI3 assumes. However I suppose it is the cost 4.5 that needs to be investigated as to whether it is realistic?
Over the course of the war, the boats were produced quicker and quicker (Überland Sektionsbauweise), much of the time had to be spent on testing and especially crew training. But that is just a side note. SUB costs are not the necessarily the problem.
Basically, it doesn't matter where you start - the ratio between CONV/SUB should be changed. It may be enough to double production time of CONVs or whatever. As they are implemented now, they are abundant in raw masses (if we get AI to produce them at all
In HoI 2, SUBs were much cheaper and convoys much more expensive. It may not have been perfect but the ratio was much better than they are here.