It does seem very vulnerable, but personally I like it as it is.
The vulnerability of CVs means that it needs protection at all times. While it is not fair to compare the MA with historical reality in a 1:1 scale, just as a reference, the US naval groups suffered horrible losses in 1945 when even just a handful of kamikazes managed to infiltrate the defenses and made it to the target ships.
The key point here is the superiority of air power over pure naval power. As the great Billy Mitchell has foreseen, naval power of WW2 is backed up by air power, and the ships should have a very good reason to fear enemy planes in the vicinity. Let an enemy plane slip past defenses, and the ships will very likely pay the price for it.
Compared to that, AH1 task groups were basically invincible. Provided, that there is enough planes upping from the CV to meet the land-based defenders, basically the only thing that could hurt the CV was a very determined, skilled bomber pilot upping from a rear base, getting required altitude and good number of protection/escorts.
Other than that the destruction of the CV is usually the fault of the person in command of the task group - making stupid choices and wrong decisions to keep the TG parked right in front of the enemy base, even when it was damn clear that the CV CAP fighters were overwhelmed by land-based defenders - which then, the defenders could launch waves and waves of suicidal bombers and attackers to knock the CV out.
Even in that case, the CV would in many occasions chug on, serving as indestructible mobile ack platforms until a clandestine attack finally sinks the flagship.
...
However, I definately notice that it is all changed now. AH2 offers a new, interesting perspective. Now, parking the CV right in front of the enemy base is not such a good idea. The manned/AI positions can be destroyed(although they reup quickly..), and active CAP duties to protect the TG is more important than ever.
Ultimately, I think it is a good thing. Those who are in control of TGs now really need to think ahead a few more steps than they used to, and make quick decisions in when to retreat the TG and when to advance... when to close in and start launching LVTs.. and etc etc.
It brings out a new tactical perspective to the naval warfare I think.