While loading of cocatalysts is one of the most widely investigated strategies to promote the efficiency of photoelectrodes, the understanding of their functionality remains controversial. We established new hybrid molecular photoanodes with cobalt-based molecular cubane cocatalysts on hematite as a model system. Photoelectrochemical and rate law analyses revealed an interesting functionality transition of the {Co(II)4O4}-type cocatalysts. Their role changed from predominant hole reservoirs to catalytic centers upon modulation of the applied bias. Kinetic analysis of the photoelectrochemical processes indicated that this observed transition arises from the dynamic equilibria of photogenerated surface charge carriers. Most importantly, we confirmed this functional transition of the cocatalysts and the related kinetic properties for several cobalt-based molecular and heterogeneous catalysts, indicating wide applicability of the derived trends. Additionally, complementary analytical characterizations show that a transformation of the applied molecular species occurs at higher applied bias, pointing to a dynamic interplay connecting molecular and heterogeneous catalysis. Our insights promote the essential understanding of efficient (molecular) cocatalyzed photoelectrode systems to design tailor-made hybrid devices for a wide range of catalytic applications.