To be honest, it just wasn't that good! They were originally bought to fulfil a NATO commitment to have two Torpedo Fighter squadrons, as this was deemed a suicidal idea against post WW2 weapons systems it became a strike fighter, however despite being massive it could only lift 30% more bombs than a Sea Fury and carry them 50 miles further. Unfortunately once it'd dropped it's bombs it wasn't a particularly good fighter either, in fact the Pilot's Notes say it's not cleared for aerobatics and it's turning radius was about twice that of a Seafire/Fury!
Oh and if the engine didn't try and kill you the prop pitch control unit had a nasty habit of breaking so that the aft blades would go fully fine and block any airflow to the control surfaces.
Fortunately by the time of the Suez Conflict there was enough experience of the type to operate it effectively. You're probably at least partly right with the jets angle (the RN happily operating terrible aircraft for long periods of time), it was effectively replaced by the Scimitar which could definitely move more faster further!