The sheer DPS they put out puts them within "Elite Infantry" territory. They do more DPS than Sturmpioneers or Panzergrenadiers, while costing less. The only squad with higher DPS are Shock Troops, and they only have more because they have 6 members instead of 4. Even 5 Shock Troop model have less DPS than 4 Assault Engineers models.
Thompson Paratroopers have the highest DPS in the game unless something changed drastically, which I doubt since Thompsons were also buffed.
Using pre patch numbers here until new DPS numbers are posted:
6x Shocks: 6*11.848=71.088 for 390 manpower
4x Assault Engies: 4*17.193= 68.772 for 280 manpower
6x Paratroopers (4x Thompsons): 4*16.278+2*7.597=80.306 for 380 manpower 90 munitions
Survivability goes Shocks>Paratroopers>Assault Engies