One Hood or more Renown-class battlecruisers?

Was a ship as large as Hood the best choice, or would additional Renown-class battlecruisers have served the Royal Navy better?

Hood was individually supreme, but several Renown-class ships could have provided more useful global coverage and fleet availability.

Hood was the supreme battlecruiser and an unmatched prestige ship, but she concentrated enormous tonnage and expense in one hull. If the fleet could have gained an extra capital ship, the preference here is for a larger group of Renown-class ships. More hulls would improve availability across Britain's global commitments even if none matched Hood individually. The choice is a procurement tradeoff between peak capability and deployable numbers.