The problem with pothole patches from hardware stores is that they are temporary patches. They're not meant to last for more than a few months (thus the relative "cheap" price). If you need temporary relief and plan to fix the pothole within the next few months, then pothole patches from hardware stores are alright.
However, if you're unable to fix the pothole in the next few months, your pothole will return.
Potholes develop because your asphalt pavement has become oxidized; leading to cracks in your pavement which allows water to enter and damage your base course. If not addressed in a timely manner, pothles will get larger and become a safety hazard for motorists and foot traffic.
Most pothole patch materials you find at hardware stores are meant to provide temporary relief, meaning the patch is meant to last a few months, and no more. If you don't address the pothole within that span, the pothole will return. This is because most pothole patch materials allow water to seep back into the base, causing the pothole to become larger.
