Agreed that taking out a halftrack full of troops is satisfying! But if you're careful, you can take out panzers, too.
Bazooka teams will fire from within buildings. They need enough time to acquire the target and take a shot. So, for example, if they have limited LOS to a small break in hedgerows, and a panzer rolls past that break, they will posture and aim at it, but it might roll back out of LOS before they have time to finish lining up and take the shot. They will not attempt to fire through thick obstructions like bocage, since the chance of success is nearly zero (but not quite).
Therefore, it's critical to position your teams so that they will have not only LOS to a target, but also enough time to actually take a shot. Sometimes you can use other forces to slow down advancing targets for this purpose.
If you use the Hide command, a bazooka team won't fire until a target is within 30 meters or so, unless they are, themselves, under fire.