With recent advances in second-generation high temperature superconductors (2G HTS) and cable technologies, various numerical models based on finite-element method (FEM) have been proposed to help interpret measured AC loss and assist cable design. The T-A formulation, implemented in COMSOL, shows great potential for reducing the overall computation costs. In this paper, the performance of the T-A formulation for calculating the AC loss of coated superconductors and cables were assessed and compared against the widely accepted H formulation, with benchmark model of a single REBCO tape in 2D/3D and a 14strand Roebel cable. Evaluation and comparison on key metrics including the computation time, the number of degrees of freedom and the numerical accuracy were presented, which could provide a reference for researchers in applying the T-A formulation for AC loss calculation.