What you say makes total sense - for any normal setup. I have a weird setup where I do almost all of my DHW with wood, but I'm pulling the DHW heat from warm air, so peak temperature is limited. I'd like to use the HPWH to just maintain the heat between firings in the shoulder weather, and to be the primary for the month or two when I'm not space heating. During that month or two of the warmest weather the cooling effect would be a side benefit. Also, having the ability to add, on demand, that 10 degrees that makes the difference between a cool shower and a hot shower would also allow more flexibility in use in the winter as well.
So, that's why I was focused on the 110v, as it would be very difficult to add a circuit to the location I need. I have an extra 20a 110v circuit, and don't need the resistance heat capability.
BUT - I just recalled that I've seen limited amp draw 240v HPWHs though, and so-SMH what I really need to do is refine my thinking. As long as it doesn't need a neutral, I can just use the existing circuit. Heck I even have the 220v breaker sitting on the panel from some other swapping around that was done. That would broaden my WH choices, as well as add resistive capability I don't intend to use, but why not preserve the option? The thing I would lose is it wouldn't run on my smaller 110v only generator.
AND - Likewise, if I change that circuit to 220v, I should be able to do what I seek to do with a plain old 3800w resistive heater. I'll lose the cooling, but I'd also lose complexity, noise, and potentially gain reliability. Hmmm...
Probably would go HPWH if the rebates appear, but unless someone else takes over the house, my use-case wouldn't pay for it. We'll see, I guess, since I have a couple more months until summer appears.