Generally the more compartments you have above size 5 the better off you are with shields/SCB's. For example on a Corvette you can get almost 10k mj shield/SCB capacity. On top of that you are only using 3 compartments to get those shields, so you still have plenty of room for HRP's. In the end you end up with 10k more shields and only lose 1200 armor. Obviously the shielded ship will be able to take much more of a beating and have its compartments protected from being targeted for most of the fight. However it will require more power, so you might be limited in damage output vs HRP builds, overall though I doubt the little extra damage output can offset those massive shields. Also when you do finally lose shields, you still have a pretty solid HRP build and can now have full power to weapons.
This doesnt not apply if you mostly have compartments size 5 or lower, as you will no longer be able to offset the armor loss with shield value, so thats where an HRP build can be very effective.