Nothing is realistic about it
You have a health bar, the large battleships are appropriately tanky and can get shot all day, the smaller ships could die in one or two volleys. Torpedoes can kill almost anything in a few hits but they have to get pretty close, sort of like Gallente Blasters x100. A big ship that will die to torpedoes you can kill the thing shooting the torpedoes almost instantly if you see them in time, but the small ships are 'stealthy' and have detection ranges and stuff.
Also there's an entire other game with the aircraft carriers where you are doing more of an RTS launching fighters and bombers, but I haven't progressed to be cleared for them yet...
There's a lot of components that can get damaged like ship ridder, guns, fires, flooding, etc. You get a 'repair' ability that has a long cooldown that can stop flooding or fires or rudder damage, but you have to time it so you don't use it and then have another fire started on you right after before the cooldown is ready.
Most ships have a few 'spells' like smokescreen or 'engine boost' sorts of things that are fun.
The things I've seen of world of tanks just have everyone dying in like 3 shots? Looks too fast and intense. This game is like slow moving capital ship battles. If you make a mistake you might not know it for 1 minute while you end up wayyy too far into enemy firing range and your giant behemoth can't make it out fast enough.