Hog fuel is still in use in Southern BC for both riding arenas and paddocks, in an area where many farms have a high water table and may even be below sea level.
It is specifically cedar chips and bark. It can come in different textures, depending on what the mill was making.
IME, if the underlying drainage is good, an outdoor hog fuel arena can hold up for years until the footing breaks down too much into small pieces. In a paddock, if the underlying drainage is good, you keep it clean, and you top it up frequently, it works very well. At my barn, we have hog fuel by the ton delivered so that everyone can top up their paddocks as they wish.
When the hog fuel is clean and new, it drains very well and holds the horse above the damp, squishy layer. IME, horses do well on it.
Sand or gravel paddocks start out looking cleaner and drier, but if the underlying drainage isn’t good, sand or gravel can form big green slimy pools and also pack down hard.
A well-maintained hog fuel paddock is better for feet than a poorly maintained sand one.
And you can’t dump sand, gravel, or hog fuel into existing mud or standing water, without causing a mess. You need to excavate out the mud and provide some drainage.