Mguns used to do a tiny bit of damage to armor but they don't anymore, they also used to be great against BA and good against Areo.
None of that is so anymore. Though I will say, if you lead and compensate for a tiny bit of bullet drop(aim for head) you can spray and kill BA at a distance even on the move, you just have to be willing to keep it on them and not let go of the trigger, don't worry about running out of ammo or overheating. Dual Mguns aren't bad at all for the weight, the other day I was roflstomping Ba after Ba on marshes with the dual Mguns on the Uziel.
I had to change my strategy from the old versions where I would fire in small bursts and conserve ammo, now its just spray and pray.
The damage vs Areo is nonexistent, and vs Vtol is hardly noticeable but if you keep it on long enough you can finish off a heavily damaged vtol or at least make him panic.
Thing about them vs BA is they don't work well when BA are close, you have to get them at range and spray, be patient.