The bug ship does need balancing with the rest of the fleet escorts although the gap isnt as big as it used to be.
Before anyone says anything, i own this ship as well as the fleet mvam and the fleet defiant so i am comparing the top 3 escorts side by side.
As mentioned earlier, its superior in every way almost. If a good pilot flys all three in any match, the bug would do better full stop. Anyone who says otherwise is a liar.

Maybe another way of balancing things is to not "nerf" the bug, but to buff the fleet escorts in way of defiant getting a slight turn buff and a universal ensign. This in my opinion would make it a seriously viable alternative.
The fleet mvam is almost there but just misses the mark. Maybe just a universal low tier station and voila. The bug grudges are gone

This would give the unlucky folks a very viable alternative.

At the same time its a win for cryptic in way of people dropping zen to get the modules to unlock the ships. Everyones a winner.