To overprint a whole line using 0x08, you'd need one 0x08 for each character in the line. So an N-character line overprinted that way would take N3 characters in memory.
I had a daisey wheel printer in the late '80s that had a few characters of buffer. I had to know that it took quite some time for every CR. It would do the niave bold of the full line with CR, but if it got X^HX it would hit the X and then slide the head over a bit to the right to smear and get the bold effect, which looked much better. It was not uncommon and that's another reason a lot code did it the BS way for OS capable HC devices.
Even ignoring additional time needed to send those extra characters, it also was a lot faster than those control-H's, and (I guess) caused way less wear on your printer.