Better to migrate from Time Machine or old Mac?

Based upon the User profile " MacBook Pro (M2 Max, 2023)"

One Size does Not Fit All 

If the new computer is going to be the Apple Silicon M1 / M2 Equipped Computer - would suggest Only Migrating the User Account and nothing more.

Some have had success.

Others have been left with a mess when Migrating everything.

1 - Apple Silicon with Ventura macOS 13 Only Support everything 64 bit and there is no workaround.

2 - Issues that may exist on the older computer will be migrated to the New Computer. This would badly pollute the new Original and Pristine installation of the new OS.

3 -  Applications, extensions and Software Drivers may or may not even work on the new computer.

4 - IMHO - it would be best to only install new application etc Directly from the Developer or the Apple Apps Store.

5 - Due Diligence on New Applications and make sure they are Ventura / Monterey / Big Sur compatible and factor in the ARMs CPU of the Apple Silicon Computer  

6- The user can allows setup TM Backup on the New Machine a Restore Personal Files at a later time

Provided the TM backup is current, it makes literally no difference.

TM is easier in my opinion.