The high quality hardcovers address none of the complaints.
They are big, and bulky. They don't fit into a backpack. And you can't simply hold them in one hand and read, anywhere you sit. Like a bench in a garden. You need a space dedicated to reading them.
In terms of utility, hardcovers are strictly worse.
Lay flat hardcovers are much nicer for taking notes from. You can place on a flat surface and use your hands to do other things. A paperback will typically need a book weight to accomplish the same thing.
What kind of hardback books are you reading that don’t fit in a backpack?
The only hard bound books I’ve ever purchased that wouldn’t fit in a backpack were intentionally oversized “coffee table” books.
Hardcovers may be made as small as paperbacks, but far more lasting:
https://www.amazon.com/Hobbit-Lord-Rings-Deluxe-Pocket/dp/05...