Bologna tastes like bologna of course, but hotdogs don’t have to. They are sometimes the same thing, sometimes not quite with different seasoning and smokiness. Just depends on who makes them. The hotdogs I get are beef, smoked with some mustard flavoring. If you just get generic hotdogs, they probably are the same thing as bologna. I like both, but would probably buy mortadella instead of bologna if available.
God, my brother in law once ate pounds of shitty grocery store salami in one sitting while complaining the entire time about how it was going to fuck him up digestively and with everyone including me around him telling him to just fucking stop and still complains about what he accurately predicted to this day.