The Hanes-Woolf plot is used in enzyme kinetics because:
It is more accurate than the Lineweaver-Burk plot is the accurate response regarding enzymatic activity or regulation described in this question. Enzymes are biological catalysts that accelerate reactions by lowering activation energy through specific substrate binding and transition state stabilization. In the context of Enzyme Kinetics, It is more accurate than the Lineweaver-Burk plot plays a specific catalytic or regulatory role determined by its active site configuration and mechanism of action. The other options (It is derived from the Arrhenius equation, It is only valid for competitive inhibition, and It is used only in multi-substrate reactions) are either different enzymes with distinct substrate specificities, act through different mechanisms, or are involved in separate metabolic pathways.
Ref: Lehninger Principles of Biochemistry, Nelson & Cox, 8th Ed., Ch. 6