Would have been interesting to see how the S-tank would have fared in a Cold War battlefield.
I think we like it better without finding out
The absence of traversable turret was no real limitation in the days when tanks still had to stop to be able to aim properly.
The traverse of the whole tank using the tracks was just as fast or even faster than traversing a turret (I think Wittman swung the whole tank before doing fine adjustments with the turret).
When stabilised guns and computerised sights became more common the turreted tank could fire on the move (Youtube clips of Merkava tanks hitting targets while going full tilt over rocky ground and even taking running jumps) and the Strv 103 became more or less obsolete.
Before thermal sights it was possible to hide on a reverse slope with only the gun muzzle poking out through grass and other concealment. The projectiles of the sixties-seventies couldn't really punch through the ground. Conventional tanks attacking over open fields with Strv 103 hiding in sniping positions would have had a tough task. The game changed completely with thermal sights and APFS-DS but the sloping glacis of the Strv 103 is not so easy to pierce. There was also a fence of short vertical bars to disrupt incoming projectiles.
With APFS-DS punching through Iraqi sand berms the whole idea about hull down has become less relevant, unless the obstacle is really significant like a couple of meters of solid granite ...