If this is the intent, then I absolutely take it back.
To me it feels like the release version had made the torches even less balanced. The chest mounted torch is a spotlight with 3x the diameter of the hand torch and at least twice the range.
The hand torch feels like it's at the end of its battery life and can barely output any illumination.
To me, the hand torch should be a friggin spotlight. It takes a hand to hold, it's a huge torch, it should have great range and a big diameter. The chest light should be the second worst, with only the head torch being less powerful. It, and the head torch, both have relatively small size and therefore smaller battery capacity, plus they do not take a hand to hold. The head torch is by far the most convenient so it should have the least strength.
Having this dynamic would also work against the trope of 'higher security level gear is default just better'. It would help to ensure meaningful choices when it comes to taking your loadout as opposed to just defaulting to taking the head torch and chest lamp. At the moment, I will never carry a hand torch, especially as you start the game being give a chest lamp in the tutorial.
Frankly, in the current build, the hand torch is a waste of polygons and junk taking up processing power as well as space in the loot pool.
To clarify the picture. Chest lamp is on the left. The hand torch is basically not visible on the right.