@Umgar:
From my experience Germany can only do one of the following on G1 (it can attempt to do more of these, but typically will either outright fail or barely succeed; losing too many forces to actually hold newly acquired gains and then be back in the same boat on G2).
Germany’s choices are:
To do any of these 3 things well, the German bomber must be committed. Otherwise the attacks are very risky. The Egypt attack is dicey even with the bomber but will usually succeed with at least 1 tank left, and arguably that’s all you need to roll most of Africa.
In any case… my point is if you want to take and hold Karelia on G1 - yes it can be done. However, in order to achieve this you must leave the UK Atlantic fleet partially intact and/or forget about taking Egypt on G1 (you might be able to soften it enough for Italy to finish the job… but it’s very risky leaving that UK fighter alive in Egypt).
So ultimately it comes down to what you think is the lesser of 3 evils. You can only do one of the 3 things above well.
Your analysis is correct.
Germany’s options are the following:
1. Take Karelia(and hold it), and possibly eliminate the Destroyer and/or Battleship-Transport group
2. Take Karelia(but fail to hold) and Egypt
3. Take Karelia(but fail to hold) and eliminate the Destroyer and either the Battleship-Transport group or the Destroyer-Cruiser group
4. Take Egypt and eliminate the Destroyer/Transport, Destroyer/Cruiser, and Destroyer groups
5. Eliminate the Destroyer, Battleship-Transport, and Destroyer/Cruiser groups.
In all options, Germany has enough forces to capture the 3 Russian territories closest to it.