I suspect that for some occasions, the fabric version would be superior to the knitted one. While my new one (photo to come later) is strong enough to hold a mobile phone or other items in the pouch, it is still made of knit fabric. It is hot, I slept in it during our stormy, cold weekend in a Scout's hall with no heating on; but it wouldn't be enough in super-cold weather.
Wool, knit, or good fabric, will repel rain, which I found my new knitted hoodie did very well. But, if you need things like stiff pockets and serious weather protection, a heavy woven wool, perhaps even using things like a sheep skin lining (Ikea has the skins that can be cut up), may be superior. Especially if you need several pockets to hold tools, for a night in the barn or hunting in the woods.
I do highly recommend that people who knit serious outerwear, who live on small holdings or with small animals (lots of cats), try the sock yarn edition to strengthen the knitting yarn. You probably won't have to do this if you can get yarn intended for floor loom weaving, commercial knitting machines, or spinning your own tighter COMBED yarns. I had that for years, when a family friend gave us giant skeins of weaving wool from the last rug-weaving company in Ireland. I had always made our family "rough" clothing out of it. After 30 years, I've pretty much run out of it (though I still find occasional bits here and there).
All in all, woven fabric vs knit for this item is going to depend on what you need or want it for.