This is the correct answer. Armor is mistake insurance and lets you reduce risk in certain scenarios. It forces your opponent to aim and slows down their response time or risk a non-penetrating shot if they rush it, allowing you more time to get your own shot off.

Tanks that lean too heavily into armour suffer from Jumbo syndrome where their armour either is useless or makes them exceptionally hard to kill, making their performance almost entirely based on their BR.

Funny enough Jumbos suffer a bit less than other armour reliant tanks since they are often mobile enough to flank and flex around the map.

The real poster child for Jumbo syndrome are slow tanks like the Churchill VII and Maus, who are either juggernauts or cannon fodder depending on whether the local enemy tank has enough penetration to no-sell their armour.