They are very different paint with pros and cons for both. I prefer water based as it’s faster drying and has no or very little odour. Water based is more elastic so to some extent moves with the wood but doesn’t flow out as well as oil based. Oil based is very tough but can become brittle and yellow over time.
Good quality paint is the key with both. I use Farrow and Ball mainly now. Also good brushes. I use Purdy.
All personal preference though I think.