I don't believe that belt has a significant impact on torpedo damage as torpedos don't have an AP value.
However, HE shells and HE dive bombs all have an AP of 1, and adding 0.2 deck and belt increases armor in those sectors by 1... so you could assume that that is enough armor protection to sometimes bounce or negate HE shells and bombs.
That said, I don't know precise how that works and I'm sure that the AP value for shells is different in different circumstances, like the angle at which you hit a ship.
If you consider all this then the most common armor recommendation makes sense. 0.2 belt and deck and then as much bulge as you can fit without losing 1knt of speed would effectively give you some protection against everything, except AP damage and rocks :)