Yes having your own website or blog does earn you more money.
There are many more ways to earn revenue from websites today. HubPages is a little narrow in its choices.
I would recommend that if you have time and a niche that you give it a try. Be prepared for it to take two or three years for a site to build in traffic to allow you to earn any real income above the hobby level.
You do need dedication but in the end if you have enough stamina it can pay dividends.