Sure, you're unarmored, but the high health pool leads to less overall damage taken. Add feeding to that, and you can easily keep your massive pool completely topped off.
Ummm, no. A higher health pool is nowhere near as good as damage mitigation. Anyone who's ever played as a Tank or a Healer in an MMORPG knows this. In WoW, Tanks who stacked the hell out of Health, and neglected Damage Mitigation, would get kicked out of groups, because they were nothing but a mana sponge. They svcked up all the Healer's mana, and then some, to be kept alive. Where a Tank with high damage mitigation but medium health, could go for much longer between heals, allowing the healer to conserve mana, or spend time healing someone else.
This holds true for Skyrim Werewolves too. They take a crapton of damage from each hit, due to no Armor Rating. Because of this, they need to feed frequently to keep their health up. Having a higher health pool, just means that much more health needs to be healed through feeding. When having some Damage Mitigation, would mean you wouldn't have to heal as often, you could go longer between feeds.