Though I can't speak for 126.96.36.199 Chlorophyte Armor specifically [I skipped it in my recent playthrough], I can speak for the Hallowed Set and another set
that wasn't being compared here, which would be the Tier 2 AAO sets. I personally consider them to all be the same tier, only because of the "unlock requirement(s)", which is, at least one
or all Mech Boss must've been defeated.
This being the case, there are indeed strengths and weaknesses to these Tiered Sets that don't often get discussed, only because of a previously homogenized outlook on the game and it's Meta.
- Hallowed Sets
- Chlorophyte Sets
- OOA Tier 2 Sets (cause nobody asked)
If comparing the Sets respectively, I could at the very least,
state that the weakness of Hallowed Armor at it's tier, when compared to the other sets, is that it appears to be a more "defensive option" in comparison to Chlorophyte possibly, but to most the OOA Sets, definitely
. The Squire Set for example, is possibly one of the most offensive Armor Sets at this stage of the game [post Destroyer], with the luxury of likely the highest Raw Defense [Melee Class], and the added bonus of Health Regen.
At this stage of the game [post Destroyer], I suspect that "weakness" is measured in what a Set does or doesn't do, rather than any real measurable drawback, as each set is likely superior to anything the Player has obtained so far, prior to this point in the game [post Destroyer].
If you plan on making a "Sky Bridge" and running away, in a straight line, from most Bosses (which is pretty effective), the Hallowed Sets will allow you to do more of that, being as it's supposed to be a very low risk playstyle. However, it tends to lose it's effectiveness in Battles with a ton of Adds/ Mobs [of which you'll hear complained about often], and tends to be more useful in single, Player vs. Boss settings.
On the other hand, if you plan to use a more "aggressive style", Hallowed Armor can certainly work here, but I suspect that more Raw DPS, defense and Add/ Mob neutralizers would be the more desirable option, in which most OOA Sets excel at doing; especially if you take the setting in which the OOA Event takes place, in comparison to most other kinds of Invasions.
In summery, Hallowed Armor, at least in Terraria version 188.8.131.52, is slightly overrated. It's good in enough places in the game, that the spots it's not very effective in, can comfortably be ignored IMHO; will have get back to you about Chlorophyte Sets though...