The weapons don't change much in ST. No one traveled back in time to change the popular classic P&P rules according to your wishes.
Axes are good with heavy armor since the armor protection makes parrying less necessary.
The game features several classes, they have different skills and start with different skill values in different weapons. Some classes can fight best with rapiers, some with swords and some with axes.
Swords do only 5-10 damage, there are many weapons which do 6-11 or even more damage. Damage is more important than attack and parry values when weapon skill or enemy AC is high.
Warrior isn't the best class. Warriors refuse to use poison, in BoD all other classes could do far more damage considering how powerful poison was. Poison is not that powerful in ST any more.
Even in ST warrior isn't the best class.
Spellcasters can cast powerful spells and get more hitpoints at level up. Dwarves can wear the same armor, don't get a -2 penalty to magic resistance, and start with 10 extra hitpoints and better axe skill. The by far best weapon in the trilogy is a magical axe you can find in part1 and part3.