Oil analysis doesn't tell you wear performance, only tear-down testing can provide you with that. UOA's widely misunderstood and misused. If you haven't read the article on them by Doug Hillary, I highly recommend doing so:
UOAs are a great tool in the Management of any machinery that uses liquid lubricants. Unfortunately, their real value is often misunderstood by those who contribute to BITOG. Firstly, it is important to realize that you get what you pay for. The most common forms of UOA are limited in their...
bobistheoilguy.com
The negative characteristics of PAO (seal shrink tendency, poor solvency) are easily counteracted by coupling it with AN's and POE, that's the whole purpose of a balanced blend, capitalize on the strengths of the components while cancelling out their weaknesses.
Group III HC also has poor solvency, it's basically just as bad a PAO. The difference is that it doesn't require the POE to balance out the seal shrink. But, PAO has cold temperature performance that Group III can't touch.
Ultimately, it depends on what you need the product to do. I have periodically started when it is -30C, a PAO-based oil has readily observable advantages in that scenario, particularly consistency, because it isn't beholden to PPD's for its cold temp performance. If you aren't doing extreme cold starts, then it doesn't really offer much (perhaps a bit better oxidation resistance) over Group III.