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A hardware firewall is much better than a software firewall:
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Not completely correct, it may be better at inbound protection, but unless it also provides outbound protection, then it isn't better. Connections originating from your system will be allowed back in, that is the nature of internet connections (usually a two way street especially when it originates on your system), so the firewall should allow inbound response/action, etc.
Any malware that manages to get past your defences will have free reign to connect to the internet to either download more of the same, pass your personal data (sensitive or otherwise, user names, passwords, keylogger retrieved data, etc.) or open a backdoor to your computer, so outbound protection is essential.