Referenced data is published as a Map Service or Map Image Layer, depdning on preferred terminology.  It uses an older publishing technology that uses ArcSOC.exes on the server.  Each uses memory and has a compute footprint.  All of that means that architecturally you can only scale so far, i.e. deliver a finite number of map services.  You can make those map services into feature services for editing, but you use even more memory etc.  If you're using Dedicated Service Instances then ~100 is the arbitraty max number of services from a single ArcGIS Server Site.  If you use Shared Instances then you can have hundreds of services.
Hosted Feature Layers can only be provided from a base deployment of ArcGIS Enterprise, it needs the Portal, Hosting Server and Data Store.  Put them together and you have a lightwweight architectural paradigm that could allow you to stand up 10,000's of individual services.  However, you're presenting data not maps, subtle but important difference.
Also some functions inside of a Portal (analytics/Insights) use Hosted Feature Layers as temporary storage.
Basically, if you want to use Enterprise, you need a Data Store.  It's down to you how you publish.  
In summary, Hosted Feature Layers from the Data Store scale better.
 
					
				
			
			
				
	Scott Tansley
https://www.linkedin.com/in/scotttansley/