Actually it depends on if youre playing story mode or pvp. Take for eg wyrm slayer armors have lots of hp but very little def. They work well against dragons or even normal story levels but use them in pvp and you will die in 2 or 3 hits as compared to something like demon armor which will have more def than hp and actually keep u solid in pvp in ur own power rating level
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Hp is always better than armor unless its a huge difference. EX- 20 armor titan legs with 500 hp vs a 1.5k armor 300 hp. The latter is better.