Maybe hyoerlanes are just poorly integrated into the various game aspects, but I find it does not help with immersion at all, and even breaks it for me.
There are three things that I am looking for in a game.
One is empire management (crusader kings, surviving mars, cities skylines, planetbase). The second is strategic warfare, something like hearts of iron or total war. The third is immersion. I want to feel like I am managing a galactic empire. In Space.
The best part of Stellaris is the early exploration, anomalies, archeology and so on. I love this phase of the game. The hyperlanes are manageable and does not totally break immersion at this stage.
Once you've established your empire though, the immersion goes out the window. The galactic map is largely irrelevant. The planet management does not integrate well with the galactic map and it doesnt feel at all as if you are managing a galactic empire. The introduction of trade routes, piracy and sectors helped slightly, but is rather weak. There is no distance from capital 'corruption', admin capacity and sprawl are pretty meaningless, there is mo such thing as resource distribution and logistics, because everything is global.
The lack of a fuel or supply system, the hardcoded nodes, bottlenecks and narrow frontlines have removed all strategy from the game. This is where the hyperlane system breaks all immersion.
There is no option to cut off supply lines, employ skirmish or guerilla tactics, encourage resistance, engage in sabotage, sponsor revolutions, assassinate key commanders, blockade vital planets. Its merely about bringing the biggest fleet to the node. Capture node. Next node.
Even the strategic resources aren't strategic at all. You wouldnt go to war to capture a system for its gas production, or to corner the galactic market on crystals (endless space, civ). There are enough planets that none are special, and hab is trivial anyway. I concede you might go to war for a relic world or to capture a megastructure site.
I guess I was hoping for more of a SOTS 3. I found SOTS2 immensely immersive, loved the total war style near-3d fleet battles. In some respects Stellaris is a step backwards.