Cane's pretty strong against bosses because it can both serrate and castigate, but the moveset isn't as easy to abuse for dealing with normal encounters. You pretty much have to learn to dodge and parry if you want to make it work for you.
Much easier to just take the Hunter's Axe and spin to win, even if it's a bit underwhelming on bosses. Saw Cleaver's a nice middle ground.
The cane is amazing. It really has just about everything you want from a weapon. Nice moveset, range, can be buffed, and is versatile. Whip mode also wreaks a majority of the game's bosses as well. The screen says its actually one of the lowest damage output weapons and then you kill a boss in like a minute and a half with it and realize that the stat screen isn't telling you everything about the weapon. The only issue is it takes a while for you see that while other weapons like the saw cleaver and the hunter axe you see it immediately.