Let's talk navies. When the Royal Navy smashed the Italian supply convoys to Libya and whacked the massed Italian fleet around, it did so in force. Ultimately it consisted of 5 BBs, 5 CVs, 60 CAs and some subs. This forced the recall of all the German surface raider and subs. The massed Italian fleet stood its ground in the Central Med sea zone (just off Malta) and although the Italians were losing 2-3 ships a turn, the presence of the Italian fleet enabled the supply convoys to go through. That seems to indicate that ToF has a shadow escort process going on. If you are prepared to stomach losses to your numerically inferior fleet, you can keep the supplies rolling.
However if you are too inferior numerically, that doesn't work. When the same RN fleet showed up in the channel, the presence of the Kreigsmarine was not enough to prevent the RN from destroying the supply convoys. That Kreigsmarine fleet was smaller than the Italian fleet because of all the surface raiders and subs stripped off to go convoy raiding. Just anecdotally speaking it seems as if an inferior fleet size of about 1/2 the size of the attackers is needed to protect a convoy in this manner.
Another interesting way that ToF is designed is that naval battles and convoy resolution appear to occur only at the end of the game turn, not at the end of each player turn. And since the British player turn occurs after the Axis, that gives a nice strategic advantage to the British. They can flee when necessary and they can strike at the time and location of their choosing. The exception to this is land based air strikes on naval units. Those ARE resolved during the phasing player turn as the air units move.
And about those land based air strikes on naval units. Thanks to our helpful devs, we know that land based tac air needs to be within 5 hexes on the sea zone hot hex to attack in that sea zone. Something to take into account when basing your bombers. Bombing resolution itself is also noteworthy. In particular damage done seems to scale with the number of ships in the zone being attacked. Thus using land based air to attack a single enemy ship most often misses, and if it hits most likely causes a single step of damage. But attack a big massed fleet, and if you can hit them, you'll likely hit multiple ships and for bigger damage to boot.
And so it was that a single Luftwaffe tac bomber wing somehow managed to damage 16 RN ships and even sink the battleship Revenge. Which sent the RN packing, at least temporarily, and reopened the supply convoys from France to the invasion force in Britain. Sometimes you just get lucky.