Good old hemp is just excellent, with track record of something like, I don't know, 200 years or what? The process margin for water pipes is just so wide.
I redid much of our old pipework (because of changes in system design I wanted to apply) using good old iron pipe + hemp. As a total beginner who never did any of that, I read different conflicting instructions online and did every joint in some different way, applying different amount of hemp, different amount of jointing compound (Unipak) before or after the hemp, winding the hemp in different directions, tightening "until the end" or "just a few turns"... Did the whole system, 50 or more joints, and finally filled with water and pressure tested - exactly 0 dripping joints. Not a single drop of water on any of them.
Never had similar beginner success rate on any other pipe joining system, really. I have had good results with Teflon tape too, but the amount is critical really (I guess usual mistake is to use too little, but you can also use too much of it). It doesn't stay in place as easily but starts to rotate when tightening. If loosening the joint, you then need to loosen it all the way, replace the teflon tape and try again. While with hemp, loosening and retightening even to finetune the pipe length is all OK.
So in closed HVAC circuits with no worries about slow oxidation, I still prefer black iron pipe, iron fittings, hemp and Unipak jointing compound because I always succeed with that. Lowest cost parts (pipe and fittings) is an added benefit. It is of course more work to make threads to the pipe ends, which is the primary reason this fell out of fashion.
Teflon tape isn't bad, just more difficult to get right.