Hood versus a larger force of smaller battlecruisers

Was Hood a better investment than building more Renown- or Repulse-type battlecruisers?

Probably not; Hood was superb, but spreading the tonnage across more deployable battlecruisers offered greater global utility.

Hood concentrated enormous tonnage in one exceptional ship and became the supreme expression of the battlecruiser idea. More Renown- or Repulse-type ships would have covered a greater share of the Royal Navy's global commitments. Additional hulls could be deployed to several stations at once. The relevant tradeoff is whether one magnificent ship or several capable ones create the more useful force structure.