Agreed, the ring makes no sense right now. AC +1 might be too powerful though because AC stacking is in general very strong. You already feel like a power creep with all the level 5 damaging spells and extra attacks and the game feels so easy. Dunno. But It is nonetheless better than what we have now, because AC on shove is nonsensical.
I agree that the game is very easy with level 5 characters on the surface but I think they have done a pretty good job at balancing Grymforge.
I didn't struggled too much but I don't think I would be overpowered with an additionnal +1AC on a character.