Full wadcutters
Have the stated advantage of cutting nice clean easily scored full caliber diameter holes in paper targets. They are match ammo. As loaded by ammo makers, they are not intended for self defense or hunting.
Many years ago a friend and I went through quite a few thousand hollow base wadcutters in .38 cal (148gr), and found out a lot about what they are good for , and what they are not.
Loaded ammo is made with swaged bullets, which are pretty soft. Buying bulk wadcutters gives you the same bullets. If you cast your own, you can make them as hard as you want, but there are drawbacks to that idea.
Wadcutters have the most bearing surface in contact with the rifling of any bullet design. If you try to drive them fast (hard cast ones) you find that pressures go up faster than velocity. This rapidly reaches a point of diminishing returns.
Wadcutters take up a lot of room in the case, which is a good thing considering the small charges of fast powder used for target shooting. The hollowbased design upsets easily and seal to the bore well, providing a very accurate bullet, as long as it is kept within reasonable velocities. The soft slug does not stay accurate when speeded up, and leads the bore badly.
One old trick we tried out was to load hollow base wadcutters upside down, creating a huge hollow point or cup point bullet. Standard target loads were used, as we were well aware of the risks of driving these slugs too fast. The soft slugs would upset in everything, usually opening up to close to .70 caliber. Penetration was minimal. Loaded even lighter (600fps), they were tremendous fun shooting sage rats and other small game, were quite accurate, and would not reliably penetrate the side of an old refridgerator or 1970s era car body, usually leaving only a large dent in the metal.
SWC are for hunting, self defense, and anything else you need. Wadcutter are for target shooting and plinking, and are best left at that.
One other thing to consider, is that the flat nosed cylinder is the least aerodynamic shape, losing velocity faster over distance than other bullet designs. Using hard cast wadcutters for hunting would probably work well enough, but the flat front end would not only shed speed, it would penetrate the least in tissue as well, compared to other shapes at the same impact velocity. You don't see this kind of ammo on the market (except for the Hammerhead style slugs, which are close, but not full wadcutters), and there is likely a good reason why not.