Since CW scales with meta mastery, it deals much more damage than HoG at higher gear levels and/or during DS.
SP coefficients for both:
HoG - 132% main damage + 103,68% DoT
CW - 200% damage
Since you can roll HoG into 2 stacks, the true value for the dot is around 155,52% SP, since you get 3 stacks of the DoT for every 2 casts, more or less depending on how close you roll the stacks together. Assuming you have 0 mastery rating, the values for both are:
Normal
HoG - 287,52*1,08=310,5216
CW - 200*1,2528=250,56
With Dark Soul
HoG - 287,52*1,38=396,7776
CW - 200*
2,4288=485,76
So even without mastery, CW deals more damage than CW during DS. However, since HoG gives fury, it's still better for single target. But for multiple targets, the extra damage compensates the loss in fury because CW becomes by far the most damaging spell on our arsenal.
This simulation is with 2 targets, using CW only during dark soul:
For demonbolt, the CW profile is tied with the HoG one, but it isn't optimized for use with procs. So you'll still probably get more mileage out of CW even with DB. It's a clear gain to use it with cataclysm, though.