I know I'm not as good as PiG, but I certainly prefer mutas over hydras because once you deflect banshees with hydras you have a unit that is utterly useless vs Terran.
Just make sure you keep overlords spread around your base then you can move your queens together to intercept the banshees until your mutas arrive. Queens also have more range than banshees so always try to bait banshees back into the range of spores.
If the Terran went 2 port, then he can't do any sort of useful push, so just use your mutas for map control and get an eco lead.
The fact is that unlike Terran/Protoss, Zerg generally doesn't get to go straight for a killing blow once they've gained an advantage.
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