One of the problems in games like this is that the advantages of the Hispano 20mm cannon or Browning .50 caliber machine gun are obvious, but their disadvantages are not nearly as apparent. The reverse is true as well, the MG151/20 and Ho-5's advantages are hidden as they are in the same place as the weaknesses of the British and American guns.
Namely this, the Hispano and Browning HMG were heavy guns and weight is bad. In addition, for the Hispano at least, the rounds are larger so you get fewer of them in a given space and they weigh more per round. Imagine a Spitfire armed with two MG151/20s instead of Hispanos. This Spitfire will climb and accelerate a bit better, perhaps bleed energy a tad slower and be slightly faster. In addition it might have ~150-200 rounds for each cannon instead of 120.
In reality the flatter trajectory of the Hispano or Browning HMG wouldn't have been nearly as useful as hitting out past 250 yards was difficult and most often just a waste of ammo. At 100 yards the muzzle velocity difference does not matter nearly as much. There are reasons the Hispano Mk V is closer to the MG151/20 than the Hispano Mk II rather than heavier with a higher muzzle velocity and lower rate of fire.