As I remember it, hot wheels tended to have fixed axles, and matchboxes had a plastic tooth over the axle for suspension. Hot wheels were often faster on tracks, but matchboxes more fun.
Yes, Matchbox was WAY BETTER. They rolled better and looked more cool. I still remember the sound of matchbox cars rolling on linoleum floor.
I recall being super protective of my favorite cars. Whenever I allowed the wrong kid to play with it, they would get rough with it and end up bending the axle. After that, the Matchbox would NEVER roll straight again. Pissed me off so much!