As with most things the truth lies between the two extremes.
As for the 20mm Hispano, it got a bad rep with the RAF in 1940 because of the Spitfire IB issues. Many pilots had a prejudice against cannon after that. It was eventually overcome, and they liked the Hispanos just fine after the Mk.V. save a very few pilots. Bader was just plain wrong about it.
The two LW fighters in the BOB, the 109 and 110, both relied on 7.92mm MGs as weapons, not just cannon. ALL the LW bombers...had 7.92mm MGs as defensive weapons. Remember that.
As for the 303s in the BoB, they were "adequate" but they had drawbacks, clearly, as the RAF recognised they did. The age of MG only armament was coming to an end when WW2 broke out. Whatever the # lost to RAF fighters, almost all were armed with 303s, save a single Sqn of Spit IBs.
They were not BBs, nor Pellets.