The rivets as you buy them are quite soft by design. The action of riveting "cold works" them as you complete the rivet process and they slip below "transition temperature." (About 400F or more commonly taken as "dark")
The strength/hardness is thus a bit "indefinite" for driven rivets. I would guess them at about Grade 5. Meanwhile Grade 8 are designed, constructed, and tested around predictable strengths and defined "stretch." (Bolting holds by virtue of the "clamping" force which occurs during torquing - large bolts such as on turbine casings are typically "stretched" to a definite level by hydraulic machines and the nuts set "hand tight" and the stretch/compression is what results in clamping the casing.)
So, according to this evaluation, Grade 8 bolting is probably superior to riveting by virtue of CONSISTENCY.
Another commentary considered rivets superior because of an inherent flexibility introduced. Note that the purpose of the rivets is to ANCHOR the connection and not allow flexibility AT THE JOINT - as it would be for bolting - as it will be for welding.
Any flexibility of the assembly comes in the structure in its "assembled" form. The fastener system bringing the assembly together is not part of the consideration and would be considered detrimental to consistency of the structure.
As many rodders can attest, the Model A frame is altogether TOO flexible when confronted with the higher torques of a higher powered engine - which leads to "boxing" the frame in attempt to counter the flexibility.
My older brother used to tell tales of his friend "Scab" who rodded his aunt's 1929 Coupe by insertion of a high power V8, possibly a later Ford engine (Deuce Coupe?) One of the trials of that assembly was a tendency for ONE of the front wheels to leave the ground on acceleration - leading to loss of control and soiled underwear for the operator.
I.e. loss of consistency.
Joe K