Hit and run is a gamble/percentage play and one that IMO is a low percentage play. You usually want the right situation and the right players involved. Sometimes we would put the H&R on just to help someone in a slump get the thought process out of the way and swing.
While you know what the ideal spot to hit the ball might be, (through the hole vacated by player covering bag) a hitter almost always has to swing at the pitch, so sometimes placement goes out the window and you just have to hit the ball. If the ball is hit in the air and caught, you lost that gamble. All too often it takes the bat out of his hand and can lead to a missed swing and easy Caught Stealing . I think the hit and run is a low percentage play in most cases. Others might disagree, but I would not want to put one of my better hitters in that position very often.
Over all, in my experience, the only time a hit and run is a good percentage play is when the hitter has 3 balls and it’s used to stay out of the DP. In that case the hitter does not have to chase a pitch. Sometimes, as mentioned, it can actually help a hitter (mentally).
At the level we now follow the closest, I believe the hit and run is used for the purpose of making the coaches look smart rather than anything to do with playing the percentages. While there is a place for everything, I’d bet that budandbran and beemax, don’t really experience or use the hit and run all that often. I will agree that when it works it does look good. Just too many disadvantages IMO. Biggest disadvantage being the hitter must swing at pitches he would normally not swing at and become an easy out without advancing the runner at all and possibly hitting into a DP.