You can dutch as close to the average odds as possible to get same amount back no matter which ones wins.

Yes, you can dutch or hedge and get a fixed amount back if you win but in the long run it's a losing proposition. The only time I would consider a dutch bet or bet 2 horses equally would be on 2 possible longshots in the same race. This would be an infrequent occurrence for me.
In my humble opinion and as I recall, the reason the 2 horse betting came about in the mid 80's to the present was because it gave a sense of false security and confidence to a specific group of players that could not win betting a single horse. Actually, and as per my interpretation, it was a great way to market product even though it was not very credible and in my opinion and best knowledge not a feasible or correct way to wager. At best, it was a temporary fix for those that could not help or think for themselves.

That being said, everyone has the right to pick their own poison.:D