To me there should be maybe a fleet per sector with squadrons attached to the subsectors. In 5FW we get fleets per subsectors. IMTU the 208th is an understrength fleet a squadron at best. The only active base in the 5 sisters are on Iderati and Raweh (wrong way as the people stationed there say). The other bases are just way stations and support operations. When the 5FW occurs its reniforced up to a full fleet.
That's why I think terminology is key. Administratively, the Imperium has one numbered fleet per subsector, according to MegaTraveller, and there's no real reason not to think so. And those collectively make up sector fleets. But, I share your overall feeling.
It may be terminology. A "fleet" in the way I think of a "fleet" would include several BatRons -- a Tigress squadron, a Kokirrak squadron, a Battle Rider squadron, etc -- then a pile of supporting CruRons, AssaultRons, blah blah blah. It seems that the Imperium could support this economically, per Trillion Credit Squadron.
However, this doesn't seem to mesh with the intent of the Imperium. The support facilities don't seem to be there (though they might be there). The "crustal strategy" seems to make frontier subsectors overstrength -- and yet they only appear to be fielding what I would consider a proper fleet.
And the Fifth Frontier War... in 1107, there were 7 numbered Imperial fleets in play, six Zhodani numbered fleets, two Vargr fleets, four Sword World fleets, and one Darrian fleet. Those are plainly subsector fleets. There are also colonial, reserve fleets mentioned but not included in the above lists -- but again, those belong to the subsector. Finally, when reinforcements are mentioned, they seem to be coming from fleets already in play.
It seems to me that subsector "fleet" therefore is more of an administrative term, and not necessarily a measure of strength.