Apparently they are.
Their biggest drawback IMO is the lack of elite infantry. Elites win battles, they make or break the decisive moments, not to mention that they radiate inspiration to nearby units. Austrians have 3 fine DLC line units but none of them is inspiration-radiating elite INF.
It is also my opinion that with time, players tend to build smaller, but more elite armies, instead of large armies made of cheaper units (just my subjective impression, nothing more).
Any faction without elite INF is in serious trouble. Those factions are Netherlands (probably the worst MP faction in the game), Portugal (pretty weak but with good shirmishers and lights), Ottomans (unusual mix of units, but it gets picked only on desert maps because of heat fatigue resistance), and ta daaam - Austria, the only major faction without elites.
Also, Austrian one distinctive unit is nothing special. I was looking forward to Windbuchsen, read a lot about the weapon, even visited copies of the rifle in Vienna military museum. However, in game this unit is insanely expensive - Old Guard price for smallest unit in the game, that is not even capable of planting stakes? They are not even the best snipers in the game - some much cheaper units have better accuracy (and stakes + more soldiers to boot).
Price wise, having to pick between Windies and Old Guard is a no brainer.... OGs win games, Windies are just a nice historical one shot gadget...
Austrians also lack what I call "good cheap unit", like Cossacks or Voltiguers or Ottoman swordsmen, a unit that is good at something, while being so cheap you can fill in the whole 20 slots using them.
So Austrians are hopeless I am afraid.






