T. Hawk has a command grab, a bad anti-air, bad buttons, and a hilariously unsafe and predictable "way in". Hugo has all this and also armor, an overhead game, meat squasher, HUGE damage of counter hits and confirms by way of clap, and a better way to deal with fireballs. His limbs, anti-air, focus, corner escape, and ultras are all better. Unquestionably. Every matchup thats bad for Hugo is worse for T. Hawk, save Chun Li, Dhalsim, and maybe Dudley. Characters like Rolento and Vega can kite T. Hawk all match long and there's nothing he can do about it. Hugo can land a single ex shootdown and regain control of the match. Hawk got nothing in 1.04 to bridge the gap as Hugo already has red focus options (not that he needs them) and his approach is way easier moreso now that Spire got nerfed. Meanwhile Hugo got more damage, and more hitbox fixes.
What T. Hawk has (over all the grapplers) is probably the best splash / cross up / tick grab "vortex", but it requires him to get in which he still can't do easily. Admittedly, if T. Hawk gets in you're probably already dead but anyone who knows the T. Hawk match will run the second he gets close and then he has to start all over again. All the others can get back in off any read, even Hakan, even without oil, even from across the screen.