On my settings - Ultra, I think - cavalry are 60, dragoons, 80.
As to the OP, I find cavalry very effective against low morale infantry, not so much against quality foot.
I agree that they often need quite a bit of micromanaging to be effective.
To alh_p's list, I would add charging enemy units already engaged by my foot and providing a mobile reserve, though I prefer dragoons for this last. Point 4 is especially relevant against the AI as it rarely seems to leave much protection for its arty.
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