Anyone who wonders what the value of doing Borg stories after "The Best of Both Worlds" and First Contact needs to watch "Hope and Fear."
A show set in the home territory of the Borg Collective can so much more effectively convey the scope of its existence than random cataclysmic encounters, where the results of Borg actively can be felt rather than encountered. The fact that humanity has eluded assimilation is an anomaly in the greater experience of the Borg (otherwise resistance could not really be considered futile). The Voyager crew gets to experience in dramatic terms not only the results of their meddling in "Scorpion," but what lengths those affected by the Borg will really go to in order to find some peace. It's ironic that the Borg seek order and all they do to those around them is produce chaos.
The other layer of "Hope and Fear" is another chance to see how badly the crew wants to get home, and one possible way it could have actually happened. The series teased these opportunities on a regular basis, and this was one of the more clever examples. A series that only looked at what might be perceived as the harsh realities of the crew's situation probably would never have even considered an episode like this, and that would have been a shame. When someone tells you that this show was a giant waste of time, this is an episode that contradicts that opinion.
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Memory Alpha summary.