Good plate armor was nowhere near as ungainly as many people imagine. A knight wearing a well-made suit would actually retain a surprising amount of agility and speed. The downside was that they obviously had to be custom made and were so expensive that only the wealthiest nobles could afford them.
While true, it doesn’t take much speed reduction to make a mace, or anything else, no longer miss you. Inertia is what it is, and the margins are not always large. The armor can deal with a lucky sword stroke, unless it’s really, really lucky. It can’t deal with a lucky mace stroke, you’re a casualty. Broken arm, leg, skull, something.
Otherwise maces wouldn’t have much of a point, anyway. Tiring to swing, shorter reach, yeah it hurts, but so does a sword if there’s no armor in the way. Takes minimal training, but so does a spear, and spearmen can stand in close order and poke. A maceman can’t do that, you gotta swing that thing. It’s not much of a poker, like say, a roman gladius is.
If there’s no heavy armor on the field, leave your mace at home. If there’s heavy armor, bring the mace. Battering through that shit is what it’s for.
All true, just want to add to it.
You can bring the mace anyway, just in case, as long as you don’t mind carrying it. One other major benefit is that the things could be dirt cheap because you don’t need good quality metal.
But if you want to hit people, and have a money and time for training, go for an axe. Pretty much all the advantages of a mace, but can cut on top (and usually poke too).
The other part of the equation is not getting killed, and usually the guys in heavy armor are good at killing you. Getting in striking range for a medium range weapon like a mace/axe/sword is damn dangerous, so a slower weapon like a mace or axe that’s additionally bad at defending because of a more distant point of balance means a much increased risk to your life. So if it’s one on one, you should really think twice about trying to getting that lucky strike in.