The game would lose a lot if it was hub based. You drop the open world, you lose the whole night and day system with different stronger enemies coming out at night. You’d lose the whole feeling of coming out of some dungeon only to discover it’s night, and now you’ve got to deal with that darkness and what the night brings. If it was hub based you’d mostly just be skipping over that, and that’s one of the most interesting aspects of the game.
I appreciate the extra development time for day / night system; but it doesn't work as intended because of gameplay mechanics. It could be impactful, but because of these points it's not :
1. Ferrystone : If your only fast-travel option would be carriages & boats, which you have to travel to them first, it would force the player to stride in night time. But if you are beaten after a dungeon, you can just Ferrystone to the town.
2. Health Potions : You can carry many, many potions with you and the game isn't difficult at all. If there was a hard limit for your medical items and the difficulty would be consistent throughout the game, night system would be impactful. (Difficulty, even on Hard Mode, is a problem only at the very beginning)
3. Game's genre : It is a Devil May Cry game with more RPG mechanics in high fantasy. You can sprint really fast, double jump, flying attacks, powerful magick etc.. If the gameplay would be slower more like something "Severance : Blade of Darkness", the night time would be scary. But then, it'd be completly different game.
So, although the night / day mechanic in an open world game sounds good; it doesn't work for Dragon's Dogma. ( I agree though, it adds to the atmosphere and world building)