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While hot sauce is all about the heat, chili sauce often presents a balance between spicy, sweet, and tangy flavors. Therefore, hot sauce is typically used when you want to increase the spiciness of a dish without altering its fundamental taste, while chili sauce is used to add a new dimension of flavor.

Spicy ketchup will obviously be sweeter and very mild in comparison to Sriracha, so as an ingredient, it’s good for big proportions (like for meatloaf). We wouldn’t use it for more authentic chili sauce needs (go with Sriracha there), but based on your recipe context, it can work.