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Hole saws have a confusing name so I don't blame anyone for being unclear about them, I was too a one time. Holes saws are really nothing but another form of drill bit with saw teeth at the bottom for cutting nice, usually fairly clean, round holes.
The good thing about hole saws is you can often make nice holes in hard to get at places, or even places that are impossible with pretty much anything else. I thinking here about plumbing and electrical installs, but holes saws can be just as handy and effective on flat easy to get at places too. Have you ever hand to drill and nice round hole in a door for a door handle or lock? Hole saws make quick, easy work of things like this.
Like most things there is good quality versions and ... well, not so great quality versions, and like many things the price will often tell you which is which. Often the cheaper hole saws are more for one-time or very rare use and often don't have the depth for things like doors and floors, only the better quality saws have deeper cutting capabilities. The biggest bug bear with every hole saw is getting the plug out after the hole is cut.