I may be totally biased (I definitely am), but I'm not sure Chuck Clark is a surefire cut unless the Ravens are very in need of cap space. You're saving $3.6M and under $3M when you factor in a replacement.
Given the Ravens are almost assuredly down Marcus Peters, I don't think they'd want to lose a starting strong safety without a clear replacement on the roster.
The reason I don't know if Hamilton is a clear replacement is he struggled early on, and was benched often, for struggles containing over the top, but he absolutely came into his own and really shined as a big SCB and playing in the box.
If you view Hamilton as a SCB/big nickel, you don't have a clear replacement at SS since Stone is also a FA, I believe. If you view Hamilton as your answer at SS, you're placing A LOT of faith in guys like JAD, Stephens, and Williams to step up and fill in two spots. Or relying on a rookie corner, which is far from a guarantee as far as transitions to the pros go.
I just personally see value in keeping him, especially if they get Lamar signed.