I was looking at something similar to what you're referring to and the vacs had something like 500cfm...and dust collectors were like 1500cfm...no comparison. I might be a bit off with the numbers...but the idea is accurate. True dust collectors have waaay more cfm than just about any consumer grade vac. What I found stopped me from looking for a new/bigger vac.
Numbers have to be checked closely and it takes money to get 1500cfm.
Most 1-1.5hp dust collectors are only moving 500-650cfm and even then it can be about how everything connects; length of runs, filter quality, how accurate the HP rating is. The HF dust collector comes highly recommended on a lot of woodworking sites as a good place to start with the caveat that you really need to upgrade the filter to something a lot better. Mine has been upgraded to a much finer filter but still a bag filter and as such it is still inadequate, a pleated filter will help it **** better and filter better.
In my experience dust collectors have 3 major upsides and several downsides as a hobbyist.
1. They can really hold a lot of sawdust; for general futzing around it can weeks to fill and with the clear bottom bag its easy to see how full it is. I did manage to fill it in less then 2 hours once but I was running several hundred feet of custom moulding at the time.
2. They're a lot quieter, I have a 6.5hp ridgid that has a noise reduction feature and the dust collector is quieter.
3. The motor is designed to run a lot longer without overheating. I get a wife/kid/work free rainy day and I can have the dust collector running for 4-5 hours straight. Haven't tested how long the ridgid can run but after half an hour it seems fairly warm.
However it is a lot cheaper (hundreds less) to add a hepa filter to a shop vac and with relatively cheap bags that are easier to dispose of that filter can stay clean for a long time.
A shop vac can also be easier to move from tool to tool unless you have runs for a built in dust collector system. While 650cfm is considered an adequate starting place for a system, if you have long runs and lots of flex hose it can quickly not be good enough. Personally I prefer a mix of both. I use the dust collector on the planer, bandsaw, and tablesaw. The dust collector is used to get the dust/woodchips from the drill press, radial arm saw which only has a 2.5" opening, the router table and to clean up under the jointer which is cheap and doesn't have a dust port. It also gets used on the second port of the bandsaw if I'm doing a lot of cutting.
Running a big dust collector, overhead runs, lots of drops and sizing it all is the best if you have money, otherwise a dust collector is great but both is better.