This one was extremely useless in 4.86 and appears to be unchanged in 4.87.
It's main opponents of the cruiser class are the Bretonia Destroyer, Kusari Destroyer, LABC and the Council Cruiser.
It has very similar stats to the Bretonia Destroyer but is 2-3 times bigger than it and considerably bulkier than a LABC. I can't even count how many Kusari destroyers can be fit inside it but it's probably more than 20.
Overall, the only things it can do is to fly 3-4k away from a battleship without cover and bombard it with pulses and mortars, and taking on a Bretonia Destroyer in a head-on fight using all its weapons (which will never happen).
Terrible arcs on the heavy slots and slow prims don't help either.
Here are some size comparisons:
I think there are only two ways to fix it:
1. Scale it down to about 60-70% of its current size and keep its stats same. It is still going be larger and bulkier than the Bretonia Destroyer but it will have some chance to be useful due to its amount of guns.
2. Keep the size and make it a proper battlecruiser. That will leave the GRN without a cruiser, though.
The Council cruiser seems to have nearly the same problems, but I don't have any experience flying it.
P.S. I would have included the Kusari Battlecruiser in the comparison, but I couldn't find it in the game files.
EDIT: Found it, its size is similar to that of the LABC.