There are plenty of battles that have been decided by cavalry throughout history, but they are certainly a fraction of those decided by infantry. My understanding is that during Roman times cavalry were used on the flanks (usually just one) of the infantry line. The cavalry clashed when battle started and the winner then flanked the opponent's infantry line.
As such, for me cavalry seem correctly balanced in RTW. The main problem we see is that the AI doesn't use good battle tactics. It pretty much just rushes with everything its got... cavalry being just another unit in the line. If the AI were to actually assemble a proper battle line and use its cavalry to intercept the player's cavalry and then to flank, you would see much more accurate battles.
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