I agree with you that it would be nice to have the ack not fire through mountains. However, Hitech has explained that it is very CPU intensive to do all the calculations, so we have the best alternative they could figure out.
Your speed has nothing to do with at VT shell exploding, all it has to do is be within a cretin proximity and it will detonate, that's it.
Here is an image from the VT fuse manual to show the efective blast pattern for the shell and the sensitivity for the proximity fuse.

Here's the manual
http://www.hnsa.org/doc/vtfuze/index.htmAn just to be clear if all the ships were modeled with the exact armament the CV group would have the following armament;
CV-15 USS Randolph
5"/38 Cannon- 12
40mm Quad Mounts (Early)- 11
40mm Quad Mounts (Late)- 18
20mm Mounts- 57
CA-68 USS Baltimore
8"/55 Cannon- 9
5"/38 Cannon- 12
40mm Mounts- 48
20mm Mounts- 24
DD-445 USS Fletcher (x4)
5"/38 Cannon- 5
40mm Mounts- 6
20mm Mounts- 7
So if you're flying at altitude around an enemy CV group, you have potentially
44 5"/38 cannons firing at you. That's more than enough reason to stay away from a carrier in my opinion, and it seems to be modeled correctly other than the projectile collision issue. Going with a conservative 3 rounds per minute, you had 132 5" rounds fired at you in 1 minute so the "box" represents (my assumption needs verification from HTC) only the rounds that are close to you, with a larger number missing and not detonating at all.