We did a thread about this a couple of weeks ago, Search down to find it.
I use hobbles a lot, But only when I can see the horses. Usually an hour in the morning or evening. I also carry hobbles on my back cinch and turn the horses out at lunch during day rides. This allows my horses a couple of hours or grazing each day.
But I always highline them at dark.
Horses can still run faster in hobbles than you can. At least the two legg'd hobbles. Alison liked the 3 legg'd hobbles to slow them down even more. I never found the need to slow them down any more, As long as I keep and eye on them and collected them if they started to wander to far.
Somewhere on the web, I saw some pioneer metal hobbles. They were like a puzzle. The old Utah Pioneers used them to hobble their horses, Because the indians couldn't figure out how to get them off the horses. The indians would cut the rope and leather hobbles and steal the horses. But they couldn't cut the steel hobbles.
In todays world, I'd worry about the horses comfort and use a leather or soft cotton rope hobble.