For the finish machined configuration of the part in question ("a large hex nut"), I don't think there will be much difference between using a hot forged round bar raw material and a hot rolled round bar raw material. The most common reason for specifying a forged round bar stock is to get a raw material shape that is optimized for the finish machined part size and thus minimizes waste. The raw material used for producing hot forged bar is usually hot rolled bar. As long as proper hot rolling/forging procedures for the material are used, the finished raw material products should have similar properties. The metallurgically deficient area in all hot forged or hot rolled materials is the outer surface layer, which is typically removed.
For your large hex nut, if you are making more than just a few parts you might consider using hot rolled ring forgings. The added cost of making the rolled rings will be more than offset by the savings in material cost and reduced machine time.
Good luck to you.
Terry