Full-duplex (FD) communication in many-antenna base stations (BSs) is hampered by self-interference (SI). This is because a FD node’s transmitting signal generates significant interference to its own receiver. Recent works have shown that it is possible to reduce/eliminate this SI in fully digital many-antenna systems, e.g., through transmit beamforming by using some spatial degrees of freedom to reduce SI instead of increasing the beamforming gain. On a parallel front, hybrid beamforming has recently emerged as a radio architecture that uses multiple antennas per FR chain. This can significantly reduce the cost of the end device (e.g., BS) but may also reduce the capacity or SI reduction gains of a fully digital radio system. This is because a fully digital radio architecture can change both the amplitude and phase of the wireless signal and send different data streams from each antenna element. Our goal in this paper is to quantify the performance gap between these two radio architectures in terms of SI cancellation and system capacity, particularly in multi-user MIMO setups. To do so, we experimentally compare the performance of a state-of-the-art fully digital many antenna FD solution to a hybrid beamforming architecture and compare the corresponding performance metrics leveraging a fully programmable many-antenna testbed and collecting over-the-air wireless channel data. We show that SI cancellation through beam design on a hybrid beamforming radio architecture can achieve capacity within 16% of that of a fully digital architecture. The performance gap further shrinks with a higher number of quantization bits in the hybrid beamforming system.