Nope, It's not a cruiser punch in a frigate body lol. It's a destroyer punch with a survivability of a kite, a cost of (almost) a battlecruiser, cosplaying as a frigate, bundled with a gimmick system.
Being able to teleport behind enemy ship and blast it with ion pulsers sounds amazing, until you realize low tech ships aren't the only enemies, and omni shields exist. And if you REALLY want to do that, just go grab a Harbinger. That one doesn't even have to get behind the opponent to disable it.
There is nothing this frigate can do which another ship in the game cannot already do for a fraction of the cost (and can be deployed more than once). The fact that it needs officers and specific character skills to function just adds insult to the injury, and only proves my point.
Pretty much the only things Hyperion has going for are the teleporter (which gets more and more crippled with every update, and - again - right now is most useful for jumping right into a spot where Hyperion will die the quickest), and its flux stats, which indeed, are VERY impressive, but are still nowhere near a justification for its absolutely monstrous costs.
It's a definition of impracticality. It's kinda like a Hummer in real life - it's pretty, it's loud, expensive, burns a TON of fuel and unless you're going to use it to tow a freight locomotive, you really would rather drive any common city car for every day routine.
Hence, I'd place it at B rank at most.
you are running your hyperions with SO and officers right? The fact that it needs skills to function isn't a very big deal since the chances you end up in the leadership path is already really high right now. You also claim that it can do anything which othwr ships can't already do which is false, It is the only ship that can beat the enemies to points in their side and win the ensuing frigate engagement as well. And under SO, the Hyperion can always teleport itself out of danger which unlike a overfluxed harbinger of doom can't do