I've never tested them, but I have done over 100 levels in a UK Dunkerque and had similar experiences with the AP shells.
I've had them bounce at max angle (35), but I've also done a few 10k salvos. Against armored targets, I find the AP worse than HE at angles 33-35 and useless below angle 27 or so.
AP shells are weird in general, but I think the UK Dunk AP shells are inconsistant at best, possibly bugged.
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