Some believe the ETF is a major driver behind this surge,
There are always a number of people who believe in a lot of nonsense like earth being flat 
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surpassing even El Salvador's president, Nayib Bukele, in terms of fame.
The two aren't comparable though. Bukele sees Bitcoin not just as an investment but as money which is what Bitcoin really is whereas others such as Microstrategy guys see it as a means to make more (dollar) profit. This is why Bitcoin is legal tender in El Salvador not an "investment"...Quote
In terms of profit: MicroStrategy's investment in BTC has been highly profitable. Since starting to buy BTC in August 2020, the company's stock (MSTR) has surged over 1220%. This is a significantly higher return than the roughly 500% gain in BTC price itself over the same period.
If you start looking at it during the pumping period of MSTR that looks good; but if you look at bitcoin price in 2020 that started in $3k range and is currently $70k that is 2200% rise which MSTR rise despite its pump can not even compare to.It is also not a good thing that the profit here is not coupled with bitcoin profit because it can dump regardless of what bitcoin does too... For example bitcoin could reach a million while MSTR dumps down to zero.
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some view MicroStrategy, a well-established company, as a more credible investment than BTC itself.
It is still a centralized company subject to all centralized regulations and consequences. If anyone wants to invest in a centralized company they should do that but they shouldn't even bring bitcoin up or compare it with bitcoin.In other words regarding your main question, I'd say the question is wrong. You should never choose between the two because they are NOT in the same category.