The truth is somewhere in the middle. SWA is not a true point-to-point carrier, nor is it a hub & spoke (obviously). We have what are called Mega Stations. Insert Dr. Evil finger quotes here.
We have some point-to-point flying but also much of our flying passes through our roughly dozen or so Mega Stations. A lot of those pax are what’s called “throughs”. They don’t deplane but rather stay onboard as they pass through said Mega Station.
A great example is DEN. It’s friggin’ HUGE! Don’t tell me that’s not a major “hub” for us. The difference is that crews and planes pass through there from City F to City K rather than the crews and planes doing persistent out and backs like the legacies do.