Full-duplex (FD) wireless communication refers to a communication system in which both ends of a wireless link transmit and receive data simultaneously in the same frequency band. One of the major challenges of FD communication is self-interference (SI), which refers to the interference caused by transmitting elements of a radio to its own receiving elements. Fully digital beamforming is a technique used to conduct beamforming and has been recently repurposed to also reduce SI. However, the cost of fully digital systems dramatically increases with the number of antennas, as each antenna requires an independent Tx-Rx RF chain. Hybrid beamforming systems use a much smaller number of RF chains to feed the same number of antennas, and hence can significantly reduce the deployment cost. In this paper, we aim to quantify the performance gap between these two radio architectures in terms of SI cancellation and system capacity in FD multi-user Multiple Input Multiple Output (MIMO) setups. We first obtained over-the-air channel measurement data on two outdoor massive MIMO deployments over the course of three months. We next study SoftNull and M-HBFD as two state-of-the-art transmit (Tx) beamforming based FD systems, and introduce two new joint transmit-receive (Tx-Rx) beamforming based FD systems named TR-FD2 and TR-HBFD for fully digital and hybrid radio architectures, respectively. We show that the hybrid beamforming systems can achieve 80%–99% of the fully digital systems capacity, depending on the number of users. Our results show that it is possible to get many benefits associated with fully digital massive MIMO systems with a hybrid beamforming architecture at a fraction of the cost.