I use both rounds frequently. There is no scope setting that will let you jaunt from one round to the other. Depending on the rifling style and twist, there is a right-left shift as well as a vertical shift. In some cases the point of impact shift is severe. Aguila makes the fastest .22LR round with a 30 grain bullet at 1730 fps. With a 25M zero using standard, high velocity loadings (40 grain at 1250 fps) these rounds will hit 3" high and 1" left every time. Aguila also makes a 60 grain sub-sonic at 925 fps that will shoot 3" low and 1" right from the same Brno rifle, with the same sight setting. I usually compensate, mentally, or use a dedicated rifle for subs.
I guess the "need" for high/hyper velocity ammunition depends on the shooting. If you were to cross trails of a very territorial prairie badger where I hunt you might want the raw power of the Velocitor that Brit mentioned. That is a 40 grain bullet at 1430 fps and it carried brute force for a .22, and it carries it farther than a Hyper velocity round would. The hyper vel rounds achieve the speed by using a light bullet that bleeds off velocity as you go down range. The Velocitor (or the faster, ballsier, Aguila Interceptor @ 1510) will do a better job at 100 yards.
To make these light bullets function in your gun, they tend to put the mass of the bullet into the nose area; achieving a form that will feed and maintain the correct length, but having a shorter body (bearing surface) to contact the rifling. Ballistically speaking, they aren't very stable. Hence the deterioration of accuracy when compared to other .22 rounds. Fliers are common. For that reason, I shy away from "Stingers" and the Aguila 30 grain Super Maximum rounds. Instead I shoot the Velocitor or Interceptor 40 grain rounds when I want more power. Winchester makes a 33 grain HP at 1410 fps that shoots fine as well. Kind of a hyper velocity "light". I have hunted rabbits in the Highlands with JAYB and your rabbits lok to be the size of cockerspaniels when compared to our lanky jacks of fuzz-ball cottontails. The 40 grain hypers, tho not as pin-point accurate as others, will shoot 1 - 2" at 100 and are amply accurate enough for the bunnies we saw.
For general shooting, I like the 38 grn HP and 40 grain solid, standard, high velocity bullets @ 1250 or thereabouts. My hands-down favorite is Aguila SE followed by CCI "Mini Mag". The Aguila will shoot with Eley subs, accuracy wise. Five shot groups under an inch @ 100 yards are common from a rifle that likes it. Lately, I have been shooting CCI "Blazer" 40 grain at 1250 fps. It is the cheap spread but groups tightly 95% of the time. Every once in a while I get a flier but at $125/5000 rounds I can live with it. The group below was shot at 100 yards last evening, on a wager no less, from my old Brno#1 with a 4X scope. With a 50 yard zero, I held the tip of the thick lower post of the duplex reticle about where the small "8" is below the bull. All five shots would have hit a US 1-cent piece. The 40 grain / 1250 rounds are a good choice when you want a little more power than subs.~Muir