Hubitat suffers from some of the same limitations that any geolocation system does and the largest of those is the data source for your location event. If you don't have a good source of information (namely when you come home and when you leave) then the automation you build isn't going to work well. This is why I NEVER rely on geolocation for my "leaving home" automation that arms my security system and turns off the lights and whatnot. That is done manually with a button. The only way to know for sure it gets accomplished in a timely manor is to do it manually.
As far as arriving home, if you don't use a system that will report to Hubitat that you have arrived home in a timely manor, then the automations you build aren't going to work well. For example, if you use a ST arrival sensor and you don't have a strong Zigbee mesh outside of your garage, then you're not going to be able to detect that you've pulled into your driveway. This isn't a limitation that is unique to Hubitat. You'd have the EXACT same problem on ST. Hubitat isn't going to magically make that work better.
Now, I can't speak to life 360 but I know that they also work with ST.
Another thing to note...generally speaking, ALL of your automations are going to run faster on Hubitat than on ST because the processing is all local. So, any delay caused by the cloud will be eliminated in a move from ST to Hubitat. However, I always found that when presence is concerned any cloud delay was tiny compared to the event reporting delay which in some cased were minutes behind me arriving. And that is on both ST and on Hubitat based on the system I was trying to use to report that event.
As far as the Hubitat mobile app presence, I have found that if I am in my car and using my phone for navigation so GPS is constantly active, the Hubitat app responds almost instantly when I drive into my "home zone". However, if I'm not, it can take up to several minutes for the app to recognize where I am. And that is not a limitation of the Hubitat app but a limitation of the phones GPS updating to conserve battery. Your phone doesn't constantly update it's location all day. If it did, you'd have no battery after an hour. Instead it wakes up briefly to update your location. When that happens, the Hubitat app is able to update your location as well and then send a geolocation event if necessary. But, if your phone doesn't wake up for 3 minutes, than Hubitat won't know where you are for 3 minutes. That's just the nature of using a phone for geolocation. When using navigation on your phone, the GPS radio is on constantly so Hubitat knows EXACTLY where you are and can respond immediately when you arrive home. This isn't a limitation that is unique to Hubitat either. The same problem exists for any app using your phone's location services.
So, don't buy Hubitat thinking you'll plug it in and magically presence will be perfect. Because that's not a reasonable expectation to have. Hubitat is also not for the casual ST user that has one or two devices. If you don't have any custom DTHs installed in ST or use any custom apps, Hubitat probably isn't for you. But if you like tinkering with your HA system and you find that interesting and enjoyable, then Hubitat is definitely a good fit. But it's a much more involved system requiring a little more effort from the user than ST does...at least at the moment. Hubitat is making new apps to help make things easier for new users but they're still very new.
Personally, I don't regret changing from ST to Hubitat about a year and a half ago. I wish I knew then some of the things I know now but don't we all?