You can't ask "what is balanced?", as balance always needs two things you compare. It's like asking
this There is a basic effort/effect relation concerning balance. Things are balanced as long as the effort you put into your actions always has the according effect. Killing someone in meele for example is more difficult than killing someone over range. So your overall effectivity has to be balanced accordingly. This is why archers have less armour, got slower shot animations, throwing weapons have very limited projectiles per stack and so on.
Currently we have a higher effort/effect relation value concerning ranged weapons, which leads to the ranged spam we currently have. Of course there are always people of both sides claiming the class they play was balanced and the other was OP, and the other players would just have to get some skill, stop whining or give up weapons slots for special counters. I don't want to comment this.
All I say is: if we had submachine guns and repeating rifles in this mod, and the submachine guns were estimated as too powerful BY THE DEVELOPER, then he would have two options:
- nerf SMGs
- buff rifles
Depending on this decision either SMGs or rifles would be balanced. If the developer will change item balance in the next patch, and I assume he WILL, then this vote is totally depending on the developers decision what to buff and what to nerf. The whole matter is a question of definition.