Ignoring the wt/viscosity for a moment, the higher priced hydraulic oils (within a brand range) have more additives. These include: anti-wear, anti-foaming, anti-oxidant etc. Some will be relevant to you and some not, but (as an example) there is the choice between 'zinc' and zinc-free anti-wear additives. Your P12 won't have anything incompatible with zinc, so apart from environmental considerations, an oil with zinc would be my choice.
Take the price into consideration - sure, but don't forget the oil will be in there a long time.
Some light reading:
Flash back about 40 years. Vane pumps in hydraulic systems were operating at or below 1,000 pounds per square inch (psi). Do you know what the preferred hydraulic fluid was during that time? It was...
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