Both methods can make a very good knife. This is a can of worms that you might not want to open
Proper forging can probably bring more out of some steel than stock removal can but there's no set rule. Some steels benefit from having the edge packed, and some steels like the CPM steels are supposed to be at 100% compression in the bar stock you buy.
Edge geometry and heat treat make the real difference in performance and can be done right or wrong with either method.