They're disabled on most of the carriers.
On the fleets that spawn from the sea bases we actively control you can launch F4F's, SDB's Seafires, and landing craft. The other carriers all you can do is land and re-arm, man the guns, and fire the cruiser guns.
It's historically accurate. The british navy was the only thing that really kept them going in north africa. The ran all through the med. We just don't have the tools to let the axis fight that part of the war the way they did in real life. Our fleets are just unopposed out there.
As for advantages on the ground making up for it in the air, maybe if the numbers were closer to being even it would. The allies though do have a numbers advantage so trading bigger tanks for heavy bombers and a navy doesn't balance out well for the Axis.