My general advice for DCs: The HP rating of the motor does not matter for anything but being "enough" to spin the size of impeller the designer chose for the blower.
Likewise, ignore manufacturers CFM ratings. Unless they give you their test parameters, the number doesn't mean much. What cfm...at what restriction?
For a dust collector, the important thing for you to look for is the size of the impeller.
Mind you, unless you are willing to spend more than a couple hundred bucks, you're really shopping more for a chip collector than a fine dust collector. Fine dust collectors need ALOT of flow.
Look into building an air cleaner to constantly cycle your workspace air.
Also, whatever consumer grade DC you get, DO replace the cloth bag on top with a big fine canister filter. This will give that DC it's best performance with both increased flow AND finer particulate capture (pleated filter has smaller holes but alot more of them)
For welding fumes? Inline blower or something and vent it outside. Same as some people do with laser engravers and 3d printers