Oh I can’t agree with that! I use axe + shield in almost every single encounter and I mow down every type of enemy, even large groups, with ease. 3/4 heavy attacks in a combo provides good AoE damage and does stun-lock some enemies, depending on what weapon they are using, pretty much any non two-handed weapon it seems and stun-locks many non-human creature, not all, but close. Can’t stun very large creatures of course.
Don’t let enemies get inside your shield, block and back away to keep them in front and you can block almost every single attack in the game. Few things are unblockable, such as dragon fire, giant snake attacks and heavy combo finishers from two-handed hammers, axes and maces (they all have shieldsmash). I can’t think of anything else I was unable to block.
And if you’re using a shield, you might as well wear heavy armor. Then with a good one-handed weapon you can obliterate groups of enemies and soak up some hits with no problem. (Almost nothing can interrupt heavy axe attacks, try that with heavy armor and you’ll be a boss, at least in PvE).
I made a short video of me blocking enemy attacks a while back when someone said that 3/4 enemy attacks bypass shields.
Stupid Blocking Video
The only hits I sustain when the shield is up are from the side and the back.
I’ll be happy to record something better to demonstrate how I fight with axe and shield if you want, just let me know.