From a fluid perspective -
The energy density of most soda (non-diet types) is high enough to kick off a digestive system response for processing food, which requires fluids and oxygen. In the case of dehydration or high levels of exertion, where fluid replacement is the aim this is undesirable. Coke and energy drinks that contain Caffeine add a diuretic, meaning they are even less effective for hydration. In these situations Soda is a bad choice (although infinity better than nothing) for fluid replacement.
As long as you are on a gentle hike with moderate temperatures, you will be able to maintain hydration with Soda. If there is any chance of becoming dehydrated or needing to maintain high fluid intake to maintain hydration, Water is by far the most preferable option.
A better option than Soda is isotonic sports drinks, however, be aware that most items sold as sports drinks are not much better than soda. Most of the modern ones contain way too much sugar and not enough salts and minerals, because true isotonic sports drinks taste a lot like watered down sweat and don't sell well at the convince stores.
All that said - (nearly) anything you drink is infinity better than something you don't like the taste of and won't drink. If you would drink 2 litres of Coke over a days hiking vs sip only 200ml or water, take the Coke.
From a food/energy source perspective:
Sugar is bad for hiking. It gives you a short high then a massive crash. Without careful management, this cycle can make an otherwise pleasant day one from hell, especially if you are not used to doing it. Solid food is a better way to get energy has you have a more accurate idea of what is going into your system, and you tend to take foods that provide better slow release, longer lasting energy.
Each person is different, so what does not work me may be perfect for you. All I suggest is try it on a shorter easy trip and see if it works for you. For me, first and last time I tried energy drinks on a trail, I spend the next miserable hour with stomach cramps and no energy - I'm sticking to water and isotonic drinks for my fluids.