Both tools are very important IMO.
I have a an automated press that I use for welding course billets (assemblies, such as Viking sword constituents, are welded by hand with a hammer.)
Because it's automated (configured to reciprocate between adjustable parameters), my press is much better suited for drawing than the power hammer.
The hammer (I have a 50 lb. Little Giant) is very important because it 'straightens out' the layers of a damascus billet that have become a little undulated under the press' drawing dies. It is very difficult to do this on longer pieces with planishing dies on the press. There is always an 'part' in the work where the dies end. That sort of operation is actually more cumbersome with the press compared with the hammer.
A place for each, definitely.