Battleships have always been an unattractive buy in all versions of the game.
However, when I first read the rules of this edition, the first thing that struck me was that cruisers should cost 10, not 12 IPCs. As it stands now, for 24 IPCs you can get 2 cruisers or 3 destroyers. They have the same total attack and defense, but the destroyers give you one more unit and also help against subs. The only thing cruisers have going for them is coastal bombardment to help with amphibious assaults, but even that is better accomplished with a carrier and two fighters, since fighters will come into play during every combat round of the amphibious assault, while cruisers can only fire during the initial round.
The way things stand, the only reason to ever buy a cruiser is when you have precisely 12 IPCs to spend and need all the anti-air defense you can get (for anti-ship defense, two subs will do a better job for the same price). That’s so limited, it makes the mere presence of the option redundant and cruisers might as well just be taken out of the game without much impact (other than the starting ones). At 10 IPCs, they’d be much more common and the question of whether to buy them or go for destroyers would be much more interesting.