Hoarding is when you have so much you can no longer see the kitchen sink for all the "inventory" piled up everywhere. If I look just right between my powder bins and boxes of bullets I can still see a shiny corner of the stainless sink, so I am not hoarding, yet!
Since 94 I have been gradually buying more every year than I consume. It has now accumulated to where I can keep shooting and also supply my family throughout at least a year, or two if I cut back on rounds per session at the range. Several years ago more of the family got enthused with shooting so I had to really ramp up the reserve and working inventory levels.
There will always be cycles of over demand and then over supply. Common sense to stock up when things are plentiful so you can cruise through the lean times, just like money savings, or canning the harvest.
But there are fortunately always new guys getting into the shooting world and needing their first start.
If that were me I would get and use things that are available and wait for later to get the over demand items. I notice at the local store ALL the .22lr is sold out but still lots of .17HMR and they have that version of rimfire rifles in stock. Likewise .38 is easier to find now than 9mm and everyone could use a nice .38 revolver. In rifles I would be looking at .357, .44 or .30-30 lever action, a bolt action in something other than .308, or field shotguns. All could be serviceable for home defense in the short run, lots of fun right now and for decades to come, and useful for other shooting sports.