They're two very different things. Channels give you access to the OTA channels your antenna can pick up. So you can get your local channels and some others, but what you can get is all dependent on where you live and the kind of antenna you have. You'll also need a DVR, like
Tablo or
HDHomeRun that will record the content from the antenna. Then the Channels app can access it. If you're tech savvy enough to handle all of that I say go for it. I would if I could, but I have a disability so I can't do any of work myself and walking someone else through it would just be an exercise in frustration for all involved. There are also cons though. If there's bad weather you may lose signal and so you'll miss your shows. There are ways around this problem. There are many resources that can help you with if this is the route you want to take. My advice is research, research, and research some more. And don't cheap out on the antenna.
As for Hulu live I would try the free beta and evaluate it for myself. I love Hulu but I went with PlayStation Vue because it has AMC. Vue's killer feature is its login credentials can be used in the individual channels' corresponding apps. However, if Hulu ever gets AMC I'll drop Vue in a heartbeat.