Assuming you are playing with the optional rule for NO’s (which most people do), the general consensus is that the Axis have the advantage.
I have found that by closing off the Dardenelles (which helps the Allies) brings the game back to a close balance point (possibly marginally to the Allies).
The interceptors/escorts rule actually only kills SBRs for the Allies, since Germany and Italy can easily station fighters in their ICs and most of Japans ICs are rarely under serious threat of SBR (Japan can afford repairs anyway).
However, fighters defending the ICs aren’t sitting on the Eastern front or defending France, so there is an opportunity cost as well which other posters have neglected to mention.
The Axis can still quite easily bomb Russia’s ICs, since Russia will usually only buy one fighter (maybe 2) and there are 3 ICs to defend. Assuming you are playing with NO’s, landing UK/USA ftrs on Russian soil will cost you $5 which is worse that the average cost of a single SBR.