From 1941 though when panzer armour gets into the 50mm range you're in real trouble with it.
Compare that to the 2 pounder
2 pdr had problems with Shot shattering on hitting German Face Hardened armor, that on paper, should have been easy penetrations.
This lasted through much of 1941, when capped AP finally showed in decent amounts
Also, much Soviet Armor was far harder than rolled homogenous German plates or US cast or rolled homogenous,
Sov 495 BN vs Ger 257-310 or US cast 200-230/rolled 280/320
That extra hardness would resist non capped projectiles better, but at the risk of spalling for non penetrating hits.
German tanks were rolled homogenous, except on the front hull and turrets of the Mk III and Mk IV, that were face hardened of 30 to 50mm thickness, till it was discontinued in 1944, Before that, FH was 600BN Face and 320 behind