I do not hunt with them. Actually I breed specifically with the plan for them to be pets. Because of this I don't really want the prey drive that hunters would want. I want calm, friendly dispositions, confidence without too much dominance. There are some lines of Wolfhounds that had timidity issues - not something you want in such a big dog, especially if that is ever combined with aggression. Not that they are normally aggressive dogs, but it can happen.
Of my girls, Renee has what I consider the perfect disposition. Erin was a touch timid, so I was very happy to get Renee's confident personality. The only aggression Renee has ever shown was to a pair of Wolfhound bitches she's met at the shows. I have no idea what it is, but this particular pair of girls just turns Renee the wrong way. Any other dog she's completely fine with...
Cleo, my younger girl, is a bit more dominant than I like, though not too bad. As long as it isn't coupled with aggression we'll be fine, but if it ever were she could become difficult. With such huge dogs there's not a lot of room available for aggression - you physically can't pull these guys off if you needed to.
I am considering trying the lure coursing, which is more like hunting. Renee tried once and was somewhat interested; I think with some training she might be better.
As for hunting, I think my guys might do ok if they were raised and trained for it. Certainly at a physical level they would have the build and speed to do very nicely. I just don't want that mindset. I'd rather have a dog who will be best buds with the cats and other pets than one who might "accidentally" eat one...
As for exercise, like most hounds, Wolfhounds like a good run here and there, but are otherwise quite happy to lounge around. Our mostly get free run time in the yard, but then hang out inside.