That's the main Nathaniel Hawk story from the original game, but you can change your name and outfit in that storyline to whatever you want.The Black Pearl-storyline, is it also available on "Free play"-characters or is it Nathaniel Hawk-exclusive?
If you want to play it as if you're Hornblower or Blackbeard, that is very possible.
As long as you start the game with the "Tales of a Sea Hawk" storyline, it'll be available.
Alternatively, there is the Jack Sparrow storyline which also features the Black Pearl, of course.
That one is fully separate from the original game Nathaniel Hawk version.
And you can get the Black Pearl from Isla da Muerta in virtually every storyline.
You can capture colonies without needing to learn everything.Also, can you capture cities like in CoAS, only that you have to "learn" it before?
All you need are an officer to assign as governor and fort commander, along with a big ship, lots of crew and good stats.
Colony management is still underdeveloped though.
All you can do is set the tax levels and rename your own towns.
Nobody will ever try to take your towns from you again, so you can conquer the Caribbean without playing "whack-a-mole".
You can also build anything anywhere regardless of whether you own the location or not (only exception are ship decks).
Also regardless of whether it makes ANY sense at all and regardless of how it looks.