Well first this just seems like bait. But i'll bite
The KGV's had superior armour layout to anything afloat save the Yamato class, and, before you say "But the Prince of Wales...", any ship afloat would have been crippled by the hit that did her in. because no amount of design can counter the huge rotating mass of a propeller munching into the hull plating.
Yes the 14-inch guns seem a bit lack lustre, and again "Prince of Wales!" but ask the survivors of the Scharnhorst or Bismarck (if there are any left alive) how well their ships held up against 14-inch gunfire, the DoY had stoppages and jams but then again so did nearly every ship in combat, at the Battle of Surago straight the USN's battleships that were kicking seven shades of shit out of the Yamashiro (or was it Fuso, can't remember) that they had a number of jams, stoppages and faults in their gun turrets too.
The KGVs were a class that was always constrained by compromise and money, the treaties the UK had signed up to said "No bigger than 35k tons" and "No building for 10 years" the RN wanted to get a ship in the water as fast as possible as they were able to see the way winds were blowing in Europe with the rise of Hitler and friends. And they couldn't wait to see what the treaty said about battleship sizes and gun sizes without causing a rather long delay. So they went ahead and built a ship in accordance with the treaties of the time. They built a 35k ship with 14-inch guns, like anyone else who was allowed to was meant to do. And of course which everyone else either lied or cheated about about (italy/Germany) invoked escalator clauses after seeing that other countries either said fuck this or were cheating (France, USA), or just didn't bother their arse turning up (Japan). And the UK was then stuck, to order new guns (IE the 15-inch Mk2 and design the turrets for them) would have imposed a delay that was unacceptable as war was brewing and they needed the new ships IMMEDIATELY if not sooner.
So the KGV's were built with 14-inch guns but they were designed from the get-go to be armoured against 16-inch gunfire, and they were. The KGV's had a superb armour layout that was superior to the US, Italian and German designs. Also the 14-inch MkII wasn't a bad gun. It was accurate and had a very large bursting charge for a shell its size, meaning when it did go off it had a bang that was roughly equal to a 15-inch shell.
Yes there was some dumb design requirements, like the ability for A turret to fire over the bow at zero elevation, but the KGV's were still very good sea boats despite them taking a lot of water over the bow. And the UK/RN always had issues with boilers, they preferred heavier, reliable units that were not as efficient and required a lot of cleaning over the ligher but more maintenance intensive setup's used by the USN. And the Germans had absolute maintenance nightmares with their high pressure plants whilst Italian ships were built light and lacked the protection of other nations ships to get their speed.
Re the Guards Van vs Iowa
The Iowa sacrificed a LOT to get her speed, she had very weak torpedo protection that even alarmed the USN and was a point of concern, and an even more alarming concern when the USN was reactivating the Iowas in the Cold War as the class was hugely vulnerable to torpedoes. Also she 'only' had a 12-inch thick belt vs Vanguards 14-inch thick belt and the Vanguard used an armour layout that was an improved version of the KGV's. There was concerns about the Iowa's very long bow section being vulnerable to heavy gunfire as well, she was so long because to get that speed she had to be long and narrow, which meant the USN really had to chop back on her torpedo protection. Speeds not that different 31 vs 33 knots, the Iowas could in theory do 35 knots but this is if they were VERY light (IE not carrying a full load of fuel and ammo aboard, or even some of the crew).
The Iowa had the advantage of a superb 16-inch gun with a very very heavy shell, probably one of the finest weapon systems ever mounted on a Battleship. But the Vanguard's 15-inchers were not bad. Again, ask any Italian Warship crew who's ship got slapped by a 15-inch shell if those 'old' guns were useless, or the crew of the Scharnhorst and Gnisenau who were both hit by 15-inch rounds. The 15-inch Mk1 is one of the best battleship guns ever put to sea, long life, accurate with a heavy shell. The Vanguard was also a superb sea boat, far superior to the Iowas, during a NATO exercise where an Iowa and the Vanguard were sailing together a storm hit them and the Iowa had to drop speed to avoid storm damage, the Vanguard kept tanking along without issue.
If it ever came to a punch up between the Iowa and the Vanguard then it would probably come down to who got the first solid hit.