Cruisers really don't suck if you have them equiped right. They really can't be multi purpose though. The varyag really does a number vs gb and other cruisers because of the anti cap loadout. If it gets swarmed by bombers I die pretty quick with the slow track speed of primaries. Deads just shred it. A cruiser with mortars has a half descent chance vs a lone dread if you keep it at 1.5 to 2 k away.
My flak cruiser with almost all solaris really tears bombers apart, it does ok vs gb, not so well vs multiples. A LABC stands a good chance as long as they are not the light gb that dodge well.
A cruiser with even a moderate escort will turn the tide of a battle though.