Weapons effectiveness
The air launched heavyweight torpedo and anti-ship missile do different things to the target, assuming the survive the short journey.
A missile will blow a hole in a ship and may set it on fire.
A torpedo will break the back of the ship and sink it pretty quickly.
It depends on what your objective is - to damage or to remove the target.
In the years since Exocet demonstrated its effectiveness, a great deal has been done to counter this and other similar missiles.
The torpedo is an unseen weapon, for which limited countermeasures and counter-weapons have been developed.
The circumstances where the torpedo can be used may be limited but I would suggest that it is a very useful weapon to have available.
The survival of the crew or aircraft to deliver the weapon is seen differently by different cultures.
Their loss would need to be weighed against the potential threat of the target.