I mean taking out a knife takes a long time. + Hitting with a gun in hand isn’t meant to kill, but to give you time as you stun your opponent for a short while. You can hit with a gun, back off, reload, and fire most of the time. Try to have a knife round only, it ain’t op.
Magazine sucks but the fire rate is okay. It’s not only historical but also balanced as planes go in a straight line most of the time. Just wait for the right moment (bombing run, coming from or to rearm).
All of this is coming. Remember, it’s only a closed beta. Most of the guns are either a place holder for a guns not made yet, or temporary to test them for future campaigns.