If Both ships are hitting Bismarck and PE does a torpedo charge then they might switch targets and engage her with the 14" main guns - it would not take that many hits to cripple PE!
Personally I think Holland should have stayed in touch and waited for KGV + whatever else was available and even then allowed a torpedo strike or 2 to take some wind out of Bismarck's sails before moving in with 4 Capital ships and multiple Cruisers and DDs
Never ever fight fair if you can help it
I think Oldendorf said that after Surigao Strait...