What's the advantage of using port power controllers?
In normally-designed hubs (with no power control ICs) each downstream facing port is usually protected from overcurrent by cheap resettable polyfuses. And the short condition is usually fed into hub controller logic, which informs the upstream host of overcurrent situation, just as a separate IC will do. So using port power controller IC does not give you much advantage here, except a better/faster speed of recovery.
Regarding overvoltage and VBUS conflicts, usual port power switches do not protect from back flow, and the only "protection" they can provide is their body diode junction, giving some room of about 0.7 V for voltage mismatches. So the separate IC does not have much advantage here as well.
The main advantage of using individual port power controller in hubs is that when the hub is reset (by HW or SW), all power on all ports gets disabled, so any downstream devices will see true disconnect (no VBUS). When the hub ports will start enumerating by host, one-by-one, each downstream device will get clean connect signaling, and very likely will respond properly to default enumeration process. In addition, the power-on will be sequential, one port at a time, so there will be less surges in case of many high-power bus-powered devices attached. So the main advantage of having port power ICs on downstream ports is vastly improved system robustness to power-on-off cycling and brown-out conditions. And a better (instant) recovery from overload (while full recovery of polyfuse can take days).
In addition, in theory you can better control power consumption of the system by selectively disabling ports and thus cutting power to bus-powered devices.
All the downstream circuits would be high-speed USB2 for my application
Using USB3 hub silicon for USB2 devices is a meaningless waste. Having USB3 upstream won't give you any advantage over a cheaper USB2 hub IC. This is true because USB3 hub has actually a true superspeed path, plus a slap-on USB2 hub. If downstream devices are solely USB2, the USB3 logic will be disabled/shut down, and does not play any role in data flow.