The "character" of the spectrum in LED light is different from T5/MH. Not all "par" are created equal.
T5 and MH offer not only broad spectrum, but "fuller" spectrum, in their lights than LED. "Fuller" meaning it covers every frequency of light within the spectrum it offers. Even say you get a "blue" T5, the blue that comes out of it covers all the frequency within that blue spectrum.
LED, on the other hand (at least the old school LEDs), emits at a very specific frequency. Even the "broad-spectrum" lights are more just a mix of individually specific frequency lights in red, blue. Green. Purple, etc. The LED photons, are more like tiny lasers
Think of it as watering your plant, even if you water the same volume of water (PAR), T5/MH is like a wide gentle spray, LED is like a thin strand of high pressure nozzle
People use hybrid setups for aesthetic. Usually T5/MH provides the general "fill light" for coral growth. LED is then added to provide those specific spectrum that the coral florescent proteins react the most actively against (usually blue/violet) to give that crazy "pop" in color for the tank
Having said ALL of that, the new generation of LEDs have come a long way from those early "tiny lasers". With the aid of built-in diffusers and other new LED techs, these newer lights are now very comparable to the old T5/MH in terms of broad/full spectrum while maintaining that "pop". Its also more energy efficient that t5/mh.
I used to run hybrid, now I'm 100% LED. I run an orphek icon.