No advantage to a hotspot over a phone.
Verizon's unlimited data will throttle you back when you are in a heavy-data-traffic area and you are over something like 20GB.
The hotspot is just another device on your plan. There will be a device fee for it, $10 or $20. If you are streaming video, you need unlimited data anyway, so no point in having multiple plans.
In your shoes, I would just buy or keep an older dedicated phone for data streaming, for convenience. Then if a phone gets lost/stolen/broken, you can use the older phone instead of being without.