Based on my experience with a Paragon (and reading and combat results data) the Paragon isn't useful in combat for it's DP. It'll routinely get out damaged by low end cruisers, and compared to the other capital ships Onslaught and Conquest, it's actually pretty pathetic :/ Maybe it's thing isn't supposed to be damage, maybe it's supposed to be a brick. But if that's true under AI control it just sort of lumbers near the back not doing much (where being a brick doesn't matter), or it's under player control and you're hoping your fleet mates will kill the stuff that's trying to kill you, which can be dicey.
Maybe there are paragon loadouts where it can come near the Conquest/Onslaught performance of damage/DP (or just parity on damage at all), but I haven't seen it. Further all the quantitative data I've seen on the Paragon from personal use suggests it's not worth it.