Well, the 110 has cannons, but they ain't GAU-8 30MM cannons, meaning they won't cut armored ships to pieces.
They might rip up the wooden decks of warships, but they ain't gonna sink them or put them out of action, with the exception of POSSIBLY tearing up the flight deck on a CV, but to do that you'd have to be in harms way a long time to put enough ammo on the deck to hurt it. With AA guns on you at close range and you trying to concentrate on the deck to tear it up, you'd likely last about 15 seconds.
Were you able to catch planes on the flight deck en masse and set them on fire, you might set a CV on fire and knock it out.
There's no way that strafing with a couple of 110's is going to knock out all the AA guns, much less sink warships. The proper use for planes like the 110 against shipping is supply ships. Unless you want to bring large bombs.
On the other hand a 1K# bomb in the right place will knock a CV out of action. Put one or two on the flight deck and it won't be launching or landing planes for a while, the deck will be wrecked, and the hangar deck and other areas may be on fire for a long time. Not to mention that you might be able to blow the elevators out of the wells.
Fire was the main enemy of the CV, they were tall enough that a bomb would be hard pressed to pierce its way through the keel. Torpedoes on the other hand are a different story. But surviving a torpedo run long enough to get hits on a CV is tough. Perhaps it would be possible to have torpedo bomber formations, so that two or three people could put 6-9 torpedo bombers into play against a CV.