The designers have decided to add these weapon effects to make combat interesting. The weapon effects are a bit 'chess like', in that they don't really make any historical sense, but they do provide a variety of different effects which need to be combined in the tactical battle setting. I am against this approach 'in theory', but find that the battles are, indeed, more interesting.
However, having made this decision to go 'gamey' rather than 'realistic', there is at least an obligation to provide some level of balance amongst the different options, and this includes mounts, which are currently OP.
My preference would be to mod some of the weapons back to more realistic effects. Spears get a bonus vs mounted, etc. All of the effects that penetrate lines and hit multiple units are a bit wrong-ish, and I think these weapons can be given tactical value without that sort of stuff going on. Xbows are useful for penetrating armor, without giving them these strange 'cannonball' type effects.
If I apply any efforts to mods, it will be to get the weapon effects more realistic and rebalancing the different types of units/armors/mounts/weapons.