Holes saws are more efficient than drill bits as all the material need not be removed by drilling. Once the outer periphery of the material is cut, the material to be removed in pieces. Less power is therefore required.
The downside is that more torque is required to use the hole saw. This requires more powerful drills as compared to the drill bit. Holesaws need to be guided carefully by the operator in the desired direction. They can easily drift away from the intended direction.