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The hanger hole is only to allow installation of the hook hanger....not to let water into the plug.
The hook hanger is usually a swivel....which is cheap, fast, convenient, strong, and maybe reduces fish loss because the fish has a harder time getting leverage.
You don't have to use swivels, creekchub didn't, and the early wood atoms and capt bills didn't. The fish is not likely to straighten the wire even if unsoldered unless you use very soft wire. Test one for yourself. For that matter, cheap swivels can fail after a period of corrosion.
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