Come back to US when we regen shields without a delay.

don't compare different things.
first, for pure hp comparison, look at ferroscale plates. usual plates include movement penalty.
second, take in account that armor doesn't regen by itself, unlike shield.
if you take all parameters in account, you'll see armor and shield are balanced.
the other problem is that lots of weapons have bonus against shield and few against armor. simply look at rifles : gallente, caldari and ammar rifle have bonus against shield and only minmatar have one against armor.

however i do agree delay penalty for extender could be removed

Also, taking all parameters into account leaves shields lacking. They are MUCH harder to fit, have no equipment that makes teamwork a thing, nor do they scale well at all.

Armor is far better for fitting, gives huge hp advantages at all levels, and only downside is a worse penalty.

They do

gallente sentinel
3 or 4 cx reps, 1 or 0 plates