Cold Vulcanization - to summarise it is cheaper and easier to do with a chemical adhesive bonding method.
To able to achieve a strong joint, it depends on the skills of the person doing the joint.
Hot Vulcanization - Very expensive type of joining. Why? cost of the vulcanizer machine and splicing material and also to mod and de-mod the machine (very heavy can be 20-70 kg depends on the belt width). It is also very time consuming by heating up and as well as cooling down. Thus all this costing will sum up to a hefty pricing.
(Steelcord belt joint can only be done using HOT vulcanising method)
Both methods can provide a lasting joint if done properly. But of cos it depends if the material you are conveying. If material has a certain temperature above 80 degrees Celsius then it will be advisable to use hot joint method. if too costly, next method can only look at mechanical joint.