What happens when you convert hex to RGB
The hex string is split into three pairs and each pair is read as a base-16 number.
#4B994A becomes 4B, 99, 4A, which in decimal are 75, 153 and 74. That is the whole
conversion, which is why it is instant and needs nothing but the string.
Nothing is lost. Hex and RGB are two ways of writing the same three bytes, so the round trip is exact in both directions.
The shorthand trap
Three-digit hex expands by duplicating each digit, not by padding it.
#F80 is #FF8800. The 8 in the middle becomes 0x88, which is 136 in decimal.
The intuitive-but-wrong reading is that it becomes 0x80, which is 128, and the
difference is small enough to slip past a glance and large enough to be visible
when the two sit side by side.
Duplication is also why shorthand can only express a small subset of colours: both digits of every channel have to match. That is 16 possible values per channel instead of 256, so 4096 colours out of 16.7 million. If a hex code cannot be written as three digits, no shorthand exists for it.
When RGB is the notation you want
Alpha is the main one. rgb(75 153 74 / 0.5) states the opacity as a readable
fraction, where the 8-digit hex equivalent ends in 80 and requires knowing that
80 is hex for 128, which is about half of 255.
Computed colour is the other. If a channel comes from a variable, a slider or an
animation frame, handing three numbers to rgb() is direct, whereas building a hex
string means converting each channel to base 16 and padding it to two characters.
Image and canvas work is the third. Pixel data is already integer channels, so converting to hex only to have something parse it straight back is wasted effort.
The other notations here
HSL gives you hue, saturation and lightness, which is the notation to use when you want to adjust a colour rather than specify one: nudging the hue or dimming the lightness is a single-number edit.
HSV matches what Photoshop and Figma show in their pickers. CMYK is there for print, though without an ICC profile it is an approximation rather than a match.