The Hangouts video meetings you have access to do in public Gmail/Calendar are not the same product as "Hangouts Meet", which is only available with a G-Suite account. Meet is definitely a more polished experience.

I also use the commercial google hangouts, I struggle to think of the differences. I know there's the annoying (must be in the domain to join a meeting without being invited) thing. Uh, is recording only in the paid product? I'm just not seeing it. Maybe there's some limit in the free product? it works for just my group of friends.

I thought Hangouts "classic" was phased out already. But they have extended its life until June 2020. Not many differences with meet, but not available forever.

I'd guess they'll take pity on us and keep it alive longer. Meanwhile in that time they'll introduce 2 new texting schemes plus announce EOL hangouts yet again and then extend it ;-)