I suspect what I have observed is limited to those of us with low CHS, but even with that I am a bit surprised.
I hit two different drivers and measured the ball speeds and other parameters using my SC300i launch monitor. After that I hit 20 balls with a 22 deg G430 7W off a low tee. The ball speed difference for quality hits was only 6 mph (105 vs 111 mph). In contrast I note LPGA Trackman data shows 18 mph average ball speed difference between their drivers and hybrids (I assume that is similar to my 7W).
My results I think are somewhat due to consistency of center contact, which is significantly better with my 7W (see attached picture). I can swing as about as hard as I want with 7W, hit it on the center, and get a nice tight dispersion pattern. I can't do that with driver. The smaller head of the 7W seems to promote more center contact.
This brings up the possibility that an optimal tee club for me (or maybe others with my low CHS) could be something in between driver and 7W in length and loft.