Light tanks are only really good untill 1941 when nearly every infantry division will be able to penetrate their armor.
When it comes to armored divisions medium tanks are the king of the battlefield until modern tanks arrive. Strategic bombing is useful but only if you can put a couple thousand in the air at the same time expect to lose 1 bomber for every building bombed though depending in where you're sending them.
That's not to say never build them though, just build them secondary to your fighters and dive bombers. Fighters and dive bombers are cheaper to produce than heavy fighters and medium bombers so unless you're going to be fighting in Asia, Africa, South America, or Russia their range isn't necessary. Focus on building all the equipment you need for your infantry divisions first and foremost. Major nations (uk, USA, Germany, ussr) build civilian factories until you have at least 4 full construction lines then start building military factories one province at a time while continuing to build civilian factories.
