This is not a great way to weigh how viable armor is.
Armors numeric values do not always add up equally because not all damage types are equally valuable for all players.
Example being, I hate Frost Armor, I’ve never liked it. I would always rather play pure ranger, pure melee, or any other hybrid kit.
The only reason I would ever want Frost Armor is to play melee with sniper damage, so the typical Frost Armor playstyle with both never worked well for me.
All this being said Frost Armor was still statistically incredible.
Similarly, melee lacks any consistent poke options, instead mostly having spammy “flood the arena” weapons like bananarang and stylish scissors, alongside close quarters engagement tools in spades.
The tradeoff is that Tipsy gives you an additional 10% melee damage and speed at the cost of 4 defense, meaning most melee tools can POTENTIALLY scale harder than your ranged/magic tools.
Inversely this means that ranger and magic damage can be FAR more dangerous and important due to the consistency of weapons like Heat Ray and Sniper Rifle.
It is for these reasons that we have some armor with MORE melee damage than ranger/magic (ie admanatite breastplate, and shadow breastplate), and some armor with LESS melee damage than ranger/magic (ie hallowed mask and chlorophyte plate mail).
It should additionally be noted that generally speaking, warding and menacing equal out to LOOSELY the same values, and only when pushed further in extremes does it turn into mathematical improvements, or when paired with specific weapon options with high/low min/max damage.
I do not personally buy these arguments that adamantite breasplate is too overtuned, gaining 3% ranger and magic damage in exchange for 3% melee damage and 4 defense may not always be the best tradeoff, but it’s very reasonable to create a kit that relies MOSTLY on magic/ranger, but still gets usage out of say Combat Wrench and Starlight or similar close quarters tools, and therefore you want to use armors that make those trades.
I think at ABSOLUTE MOST, I could justify nerfing adamantite breastplate by a defense point, maybe two.