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2 hand characters don’t get any kind of shield ac and half your str mod is not that significant of an addition. Especially since physical is one of the most resisted types of damage. Unless you’re a grandfathered class like DRD who has like 30 str just walking around and uses all the tricks to raise it even higher, or a barbarian.
People who get ANY kind of shield ac will have more ac than a 2handed char and people who opt to go sword and shield can get upwards of 70ac, which a 2handed build is more than likely not going to ever achieve.
Shield AC or not, parry AC will get you to a similar end goal at level 14+ which is where endgame variably begins. I have seen characters with AC in the 40s duel the Sleeping King, so while 70 AC+ sounds nice, there's no actual magic number, and there are better things than maxing one stat and lacking in other fields.
I think it'd be cool if 2h users could use a buckler, and reasonably speaking if they could, whatever the benefits were, we could pass them down to 1h users who do not have a 'combat offhand' item. But rounding out shield AC to get 65 AC or 68 AC is basically splitting hairs. Magic vestment is a valid balance concern as well. However, this spell is inconvenient to use on allies with a shield. Having to drop or trade an equippable item to get it buffed means it comes off your bars which is a major QoL problem if you have to do it every time you buff, not even close to half as annoying as buffing a dual wielder.
Half your STR mod is significant in the context of power attack. It's extra damage without gambling your AB away. By your logic, more AB is better, because more hits delivers more secondary damage. I've always believed in this logic personally, and many players also swear by wider crit ranges over bigger crits but that's another ball game.