Right. If you look at detailed heat pump charts and calculations, the available BTU/Hr for heating is quite dependent on the ambient temperature. I had a dual fuel heat pump at my home in Michigan. The crossover point was 37 degrees; at or below that, the gas furnace would be used, but above that, it was the heat pump. The amount of heat the HP could make (# of BTU/Hr) at 38 degrees was vastly different than what it could make at 55 degrees. In HP mode, of course, you need a lot less BTU/Hr to heat your home when it's 55 outside than when it's 38 outside. These are significantly different heating requirements, in fact. But with hot water, you need that same number of gallons, at the same temperature regardless of what the ambient temperature is.
I think I'll stick with my gas water heater...my garage in NC can actually get to freezing, based upon some frozen cans last winter!