It really depends on for what purpose do you need your tokens. Because with ethereum you have many people that have built the infrastructure with many smart contracts and dapps and it might be better in a sense that you can find a lot more information, ask many more people for help etc.Although ETH has it's own decentralized exchanges which other people have built such as EtherDelta.

On waves it is much easier to deploy your tokens as you can do it with simple GUI and thus it makes it faster to deploy tokens. On the other side Waves might be cheaper. Waves might be better in a sense of volume, because there is only one DEX where most of the people trade, where as within ethereum you have different exchanges with different volumes.