Just to contribute to the thread.
My old, very stressed, turbocharged engine - with EFI but without a knock sensor to detect when to retard ignition - has been knocking, getting very hot, and smelling very different when it's not liking a tank of regular fuel.
HOBC immediately solves the problem, but that's because this engine needs that fuel and cannot do anything to prevent damage caused by pre-ignition or detonation, which is specifically what hi-octane fuel is meant for. It is less susceptible to igniting before the spark actually causes it to. That's all.
I can lower the turbocharger's output, which lowers performance, but lets me drive on regular fuel. Or I can get about 4 less liters of fuel, but drive the car on the highest boost level I dare to run.
Modern cars that require premium will do this themselves and lower their output based on the fuel that's in the tank.
Consider that preignition is such a huge problem that despite the manufacturer originally speccing NGK 5 spark plugs, I'm running much colder plugs, and the effect is immediate, dramatic and audible.
Also that the API SP oil formulation standard specifically targets LSPI mitigation.