Interwar exercises involving Courageous, Glorious, Furious, and the Mediterranean and Home Fleets suggested that some attacking aircraft would penetrate a carrier's defenses. British planners therefore faced a choice between carrying more aircraft and ensuring that one or two expected 500-pound armour-piercing bomb hits would not disable the ship. The armoured hangar chosen for HMS Formidable accepted a smaller air group in return for greater resistance to damage. That tradeoff made sortie rate, aircraft reliability, maintainability, and repair especially important because each aircraft had to contribute more consistently.
Notable Point ยท 4:09-5:46
HMS Formidable and the armoured-carrier tradeoff
Royal Navy exercises explain why an armoured hangar and survivability could outweigh a larger carrier air group.