I think both tokens could be best, depends on their platform's popularity, reputation and the strength of their community & team and so on. But most of the time exchange tokens will be the winner. if You have a look at popular exchange like binance kucoin okx exchanges, undoubtedly their native token Bnb, KCS, okb will be expensive than wallet tokens. But low quality exchange tokens are low in their price when trust wallet twt token or others wallet tokens are more expensive than these shit exchange tokens. Thus it works.
I think you are missing out something really important, which is how these top exchanges native tokens started. I remembered start buying BNB at 0.3 up on until it hits 2 usdt. In the nutshell, it would be unfair to relegate the effort of a growing exchange by the price performance of their native tokens compared to the established ones. Besides stats have shown that BGB is among the top performing exchange tokens and I expect BWB to follow suit if the team will not sleep on it.