Define application… assuming same barrel length, at 100 yards there is no practical hunting difference. Out to 300 there is still very little difference. Past that the extra velocity starts to matter for drift and drop as both bullets shed velocity.
Everything else are preferences, cost/benefits like velocity to recoil, or $500 spread over 1000 rounds or 10,000 rounds etc.
My 14” 22 creed is good to 525 with 80 grain bullets. A .223 could do the same if the barrel were long enough. Gotta weigh the difference for you.
It’s always the cost/benefit. My 14” 22 creed will burn out and cost more per round than a .223. But, I prioritized overall length over ownership cost per bullet.
Same as the time involved to handload, we all know it doesn’t actually save money AND time. You have to trade one or the other.
And, that is a way to really get to the nitty gritty, how much will each bullet “cost” you after factoring in the cost of the barrel, brass, powder, etc.
To me, the extra cost is worth it for the 14” barrel. To others??? Some, the humiliation of using anything other than a Tikka is too high a price, lol.