I agree about the swallowed hooks. If you plan on releasing the fish, then the fish will be far worse off if you have to "operate" on it to get the hook out of its throat. You're better off just cutting the line. In my opinion, a fish is much more likely to survive with a hook in its mouth versus no hook but a ripped throat.
I caught a fiesty smallmouth bass on a stickbait last summer in the Androscoggin river which already had a hook and a plastic bait stuck in its throat. I unhooked the smallie, removed the old plastic bait but left the old hook in place. I bet that fish is still out there chomping on bait!