Honestly, I've read way too many fantasies featuring hybrids, and wolf-dragon combos show up with wildly inconsistent power sets. Sometimes they're basically wolves that can breathe a bit of fire and have tougher scales under their fur, which feels a bit lazy. The more interesting takes blend the archetypes on a deeper level.
It's not just physical traits, but the mental and magical ones. From the dragon side, you'd expect elemental affinity—probably fire or earth, maybe shadow if it's a darker story. Hoarding instincts could merge with wolf pack loyalty, creating this intense, possessive drive to protect their 'clan'. Aerial mobility is tricky; wings on a wolf-like body often get hand-waved with magic-assisted leaps or shadow-teleportation instead of proper flight.
The real potential is in the narrative tension between the dragon's solitary, ancient pride and the wolf's social, strategic pack hunting. A hybrid could be a lone alpha commanding lesser beasts, or a pack leader with a dragon's territorial fury. I'm still waiting for a story where the hybrid's real struggle is balancing those two natures without going mad.