It is better to have medium/long range weapons that have a useful capability against the threats they face. The reality is that because of its old launchers, old radars and limited low level capabilities, Sea Dart does not always fly. Sea Wolf has a much higher chance of launching and hitting its target, but they will be dangerously close - much much closer than you would want them. I'm not saying SD is useless, its not, you only have to look at Exeter's performance on May 30th 1982 to see that, but the limitations of such systems are well known to attacking pilots and its more likely that the threat will come from sea skimmers than dumb bombs. Fancy taking on 6 Penguins with a T42?
If Sea Dart struggled to be effective against aircraft threats then you can guess the outcome against missiles. T45/PAAMS evens the score very well, but it still can't engage targets 200nm out which is where you want to be fighting your enemy. History tells us that when ships fight aircraft, they usually lose in the end, no matter how much faith you have in your weapons systems.