I think it really depends. In the summer I would lean more towards a hammock setup. Your average tent is going to weigh more and take up more space. Granted you can get something like a Big Agnes seedhouse which is an expensive, lightweight, compact tent that will match the size and weight of a Hammock setup, but in the end your average backpacking tent will weigh 4lb or more and be such a size that it will need to be strapped (at least the poles) outside your backpack if your going on a multiday hiking trip.
My hammock system is smaller than my 30 degree compressed sleeping bag, and, I have the larger ENO stuff and I'm a noob to hammock camping. I seen some summer hammock setup by experts here that are under 1lb and can fit in a shoebox.
Winter Hammock camping becomes more bulky, but figure you really are pushing it with a lightweight 3 season tent. Most 4 season tents that can handle snow and winter winds are pushing 6lb or more and are at least 24" long when packed.
For me, a hammock adds about .5lb to my setup, but that only brings me up to a 1.5lb setup with the hammock which is still well under the 2lb guideline used by most UL'ers like myself. I have a bit of a cheat in my height but I had that with tarps and bivi setups too. At 63 inches tall I can get by with a much smaller UQ and TQ as well as a foot or two off the hammock body and tarp.
11-12oz for a 3/4 UQ, 14-15 for a TQ which is what I'm guesstimating for the setup I'm working towards, is actually less weight than the TQ with a Neo Air 3/4 length and a whole lot more comfy. Where I add in the extra weight is I do need a bigger tarp over a hammock than I did for tarp camping and the suspension is added extra where as before I did double duty with my trekking poles.
But other than the weight, the bonuses you get really outweigh a ground setup. To get anywhere near the same comfort level on the ground that I get in a hammock, I'd have to add several pounds. I know for me adding an extra few ounces and a piece of gear or two is well worth it.
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