The Battle did suffer very high losses, but not as high as you imply. According to Wikipedia 63 were lost during 4 raids amounting to 108 sorties. However, given the Luftwaffe's degree of air superiority and the density of German FLAK, it is unlikely that any other contemporary aircraft could have done better. Unescorted, the Bleinheim also suffered heavy losses. The Battles did achieve some measures of success during their missions, and with proper escort they could have done much more, and undoubtedly they could have had a considerable impact in the MTO and Malaya, if deployed in similar numbers.
That's a loss rate of about 50% which is unsustainable.
The mechanism to escort them in 1940 simply didn't exist.
They were slow,unmanoeuverable,underarmed and didn't carry a worthwhile payload. In other words they were obsolete in the air battles of 1940. They were bought by the RAF for doctrinal and economic reasons both of which were demonstrably out of date very soon after hostilities commenced.
Cheers
Steve