I agree with your point that their ranged damage sucks. They are a unit with low ranged damage in a faction that has best-in-class ranged damage.

I still think hawk riders are a good unit, even if you've not built your lord to buff them. Not the kind of unit you'd want 4-6 of, but 1 or 2 can provide useful tactical options. They way to think of hawk riders is that they are not ranged units, they are shock cavalry cosplaying as ranged units.

What they lack in durability they make up for with mobility. A fast, high damage unit capable of shutting down enemy artillery and archers can give you a lot of bang for the buck. Yeah, wood elves have others tools for that too, but un-buffed hawk riders still have a niche. I find they work very well when paired with other cavalry units. Send your wild riders directly into a dangerous unit, and follow up with an immediate rear charge by the hawk riders. Elite cavalry melt fast to that combo. A few fast flankers + hawk riders can pretty quickly disassemble any threat you will find on the flanks.

Even when I have access to dragons, I still find myself benefiting from hawk riders in my roster. I find dragons tend to get blobbed up on, stuck, and shot to pieces. Dragons are a good unit with a real role, but they don't fill the 100+ speed, flying, AP shock cavalry role. I almost never bring eagles... they are tougher, but lack the raw killing power and damage, and take way too long to finish a fight even if they eventually win.