I'm sticking to my own (although limited experiences) with one strain of dry yeast.
I've made one beer several times, to sort of investigate this. Same maltster, same grist, same mashing regime, same OG, and of course same yeast from the same batch, etc.
It's a beer where I want phenols. You get more esters/phenols if you underpitch, right?
The two times I hydrated the yeast, the phenols were completely different, the ones where I rehydrated was "boring", the ones where I didn't rehydrate had the phenols I'm after. My interpretation of this is what is already known/at least that's the reason to hydrate afaik, you kill yeast by not rehydrating it first, thus a smaller pitch.