The reason Austria seems so weak, in my opinion, has to do with fleets being so strong and Austria having an extremely difficult time putting fleets into the water.
Austria is the only country 1 with "port" home center. Every other power can build fleets from at least 2 places, and 3 powers can build fleets in 3 places.
if an Austria player decides that he needs fleets, for whatever purposes, he can only possibly build 1 fleet per turn, regardless of the situation on the board. He can be up a couple of centers and still only be able to build 1 fleet because of the inherently limitation.
On top of that, the fleet is produced in a really terrible location and it is extremely difficult to get multiple fleets into position, because austria's fleets have to pass through the ionian bottleneck.
On top of that, it's not really VIABLE for Austria to build fleets. Honestly, a lot of the time as Austria you wish you had 3 armies instead of 2 and a fleet, because of the country being so nested in between 5 other powers and all of them connected by land. Thus, Austria has to have a secure position before it's viable to build fleets.
No other power has that huge strategic limitation. If you're England, France, Germany, Russia, Turkey and even Italy, the type of build you make leaves you with options. Yeah, usually England and Italy build fleets for their first builds, but after that, like the rest of the powers, both armies and fleets are viable depending on the situation.
It's extremely rare for Austria to build a fleet at all within the first few years, and that's a huge strategic limitation, because armies and fleets both have different strategic uses.