Thank you.
It seems more analysis is needed before a definite conclusion is drawn.
[emoji854]
I'm not advocating that sword and board is better than two handed. From the limited fighter rules I have read, two handed weapons seem pretty amazing, I don't recall any cool abilities on the sword and board side, but there might be something big I am missing.
But I can add two things to the discussion.
1) Shield block is a reaction and you only get one per round so it can only stop one hit.
2) Having a bonus to AC (mostly +2 though some shields can give a bigger bonus) also reduces the chances of being critically hit! Remember that you crit by rolling 10+ over the target's AC. So big heavy armor and heavy shields not only get hit less, they get hit less hard.