Google Tag Manager, HotJar, or both?

We’ve been using Google Analytics at my organization for a while, but only now are we trying to professionalize our use of marketing tools. We’ve waded a bit into using Google Tag Manager, and it seems very powerful.

Some in our organization are pushing for using HotJar as well, but as far as I can see it seems like everything HotJar can track could also be tracked by Tag Manager. The major difference I see is that HotJar is mostly ready to go out of the box vs GTM where it would take a lot of setup to get the same kinds of reporting.

Am I missing something? Or is there functionality available in HotJar that is impossible to replicate using just Tag Manager?