I would expect the bomber to get shot down...oh wait...bombers are immune to puffy 
When this topic comes up many, including myself, say the CV puffy flak never seems to kill bombers before they drop. But that's anecdotal evidence and so I decided to get a bit of data. I did offline tests so they wouldn't be affected by enemy fighters or manned 5"ers (and so I knew where the enemy CV was located). I confirmed that the default offline settings for gun lethality matched the MA settings. I took a formation of B17s to 6800 ft and attacked the enemy task force ten times (I should have done it 100 times to get more accurate data, but I'm lazy). I calibrated the bombsight, but I didn't drop (because I didn't want to have to restore all the destroyed ack with the object command). The results are interesting:
Probability that all three bombers survive to drop on CV: 90%
Probability that one out of the three is destroyed before dropping on CV: 10%
Probability that two out of three are destroyed: 0%
Probability that all three are destroyed before dropping bombs on the CV: 0%
The margin of error is large, +-10%, because I only did ten tests. Still, the chances that the task force puffy flak will protect the CV are very near zero.
So why does it seem the puffy flak is biased against fighters? I suspect it isn't. I was hit several times without any damage or non fatal damage. A B17 can take a lot of damage, a small fighter- not so much. So a fighter probably would have been killed by the first hit.
note- the drones flying around the task force drew it's ack fire but not the puffy flak as they are too low to be targeted.