Warmaster Horus
Explorer
The extra attack is good insurance. The dual wielder gets an extra attempt to deal sneak attack damage compared to the bow rogue's single shot. Plus extra opportunity attacks, particularly if you can leverage something like Dissonant Whispers. An out of turn attack is quite nice to get an extra sneak attack in. A level dip in fighter or 2 in ranger gets the dual wield fighting style.
20 Dex with Studded Leather and a Dual Wielder feat is AC 18 isnt super squishy, but you are more exposed to risk than the ranged guy. However given the potential to exceed his damage, I think its fair.
When a ranged rogue attacks he typically does so from a hidden location, = Advantage. This increases his odds to hit with a sneak attack and doubles his chance to score a Crit. Cunning action allows him to displace and Hide again for next round, allowing him Advantage and Sneak Attacks on enemies not near allies (think rear-rank spellcasters). If he makes a good Stealth check and circumstances allow, it greatly reduces the chance of being attacked, too.
Also, how is the Rogue getting 2 Sneak Attacks per turn with dual wielding in normal circumstances? You can only get 1 Sneak Attack per turn and dual wielding requires a bonus action in the same turn.