Both equal for me but, like Richard, I'd say different times and places for different activities. I do some wildlife sound recording as well, so that adds a third option with another bulky set of equipment!
I will often get to a location early to, say, do some sound recording then switch to birding when everyone else is up and making noise!
I do always take my binoculars with me whatever I'm doing. I find they help to spot and identify potential photo subjects - and if I want to change from photography to observation briefly, I have that option
One thing I'm certain about is that I can't give enough attention to any activity if I try to do more than one thing at a time.
Jerry