Unfortunately the problem is it IS subjective. It does vary by car and by the child's height, size, shape etc and the belt geometry. It's very possible that they fit some cars perfectly while others still need the booster and a third one is borderline (and you may choose to go without for short/occasional journeys).
If my understanding is correct, any add on including a booster seat adds (a very small) risk because it introduces a chance to use it incorrectly, because it's impossible to test every single configuration of every car model and child seat, and it adds extra belt routing plus it may diminish other safety features in the car - most HBB manufacturers tell you to remove the headrest, for example, even though a headrest secured by those metal bars is likely to give better head support in an accident than a plastic HBB headrest. It also lifts the child up higher and slightly more forward, whereas for best safety you want them to be low and further back.
Obviously, when the child is too short to use the proper seatbelt and they do not yet have the correct pelvis development to "catch onto" an adult seatbelt, then the booster improves safety by so much that these tiny things are outweighed, and why they are required by law up to 135cm/12 years (minimum).
So when we get between 135-150cm (or even taller) what then?
On a practical level the HBB can add body support - we did a very long drive when DS1 was 9 and had moved to a backless booster and when he fell asleep, he was totally lying down in the back which I hadn't really anticipated and made me feel quite anxious. The next year, we rented a different car and it came with a HBB which was actually taller than the one he'd previously had and he was able to fit into it, and so it supported him when he fell asleep. If you are going on longer journeys where even older children might sleep, or if you have an older child with disabilities that affect their posture and muscle tone, or possibly just even if your child tends to slouch, then the body support of a HBB may be beneficial.
Also if your car is older, and doesn't have very good side impact protection for rear passengers, a good modern HBB with good rating for side impact protection might be beneficial. But if you have a modern car with curtain airbags and the child is the right height to benefit from those airbags, then they will probably protect them better than the HBB, especially if you have an older HBB or one where the side impact protection is not rated very well.
You can get to a point where the child's shoulder is higher than the shoulder belt guide, in which case the belt is routing up and over their shoulder which is poor fit and at this point the HBB should be abandoned (or converted to backless perhaps).
In general I think unless you have a very old car or a child with physical or behavioural difficulties, there does come a tipping point after which it doesn't really make sense to use the HBB any more. Lap belt position is the most important thing, so if you can get a good lap belt position without it then it might be worth weighing up the pros and cons.