I don't think you would get any benefit with respect to the size of the holes. The overall wire wall or whatever it is your covering would be stronger, perhaps, but I'm really not sure what else you accomplish. If you tell us more about what you are trying to accomplish, we can probably give you better answers. If you are concerned about the higher cost of hardware cloth, I would think the cost of the two types of wire together would be more than just using hardware cloth to begin with.
Incidentally, welded wire and hardware cloth are the same thing. The term hardware cloth is used to describe welded wire of 1/2" x 1/2" or smaller.
Personally, I use 1/2 x 1/2 hardware cloth. Raccoons have been know to pull a chicken through chicken wire a bite at a time. Some predators can actually get through it.
UGCM