The Taranto raid mattered because Britain was trying to stabilize the Mediterranean while fighting Germany and deterring Japan in the Far East. The Royal Navy had plans for a European Axis war and separate plans for an eastern war, but no comfortable force structure for both at once. Treaty limits and peacetime spending choices had left shortfalls even in unrestricted types such as sloops and, before the 1930 London treaty, cruisers. Its practical answer was to improvise with available ships and build replacements as fast as possible, which explains why a few months of local ascendancy could have strategic value.
Notable Point · 49:19-50:36
The Royal Navy's three-theatre nightmare
Taranto bought time while Britain faced Germany, Italy, and possible war with Japan without enough ships for a settled three-enemy plan.