Correct, both (ultimately) do the same thing. Depends on your setup / what controllers you have / which of the mechanisms they support.
Do you have more technical details on hail/CC report? I’d like to understand this in more detail if possible…
A hail says the device needs attention and thus can serve as a trigger (e.g. in a controller) to poll that device (e.g. to get a basic report).
The basic report just says what the status of the device is right away.