A little from column A a little from column B.
The whole point of wrestling is to have both in a way. It's like going to see a broadway play and the main stars can sing but can't act or dance. The idea is to have a mix.
I guess if I'd *have* to go with one, it's storyline and characters. Al Snow gives has this YouTube video from his wrestling school talking about how to build a rivalry around 2 moves, the DDT and the figure four, and like... You don't need to be doing backflips and those suicide reverse piledrivers from the top rope, you can build a legitimate great match and rivalry if you both guys have a move that is over. As he describes it, the heat gets built for this through creative storytelling -- "The DDT is banned!" -- or "the guy broke his ankle and can't puyt in the figure four!" Those are storyline elements that lend weight to the maneuvers. In the 2000s the DDT became a boring move, you'd have to add some twist -- top rope spinning DDT -- to get the crowd to care, because every schmo did a DDT and it was no big deal. Guys today do these stand-up DDTs with their bodies straight in the air, and the crowd pops for the spectacle and performance of the sell, but nobody thinks that it's going to put the guy away because he's standing up doing a Frankensteiner 2 moves later.
But go watch the ... `91 or 92 Rumble, where the crowd was fucking ELECTRIC for just the THREAT of a DDT. I don't think Jake Roberts even landed a DDT in that match but he had like 5 guys lined up for it and EVERY TIME the crowd was leaping to their feet to see it. That's done through storytelling and character, and obviously Roberts is an amazing worker and he worked that move so damn well, but it was really built up as devastating primarily through storytelling. I think the Stunner is the same way. It's a move that got built to what it is by storytelling. The first time Austin drops the stunner on Roberts in the King of the Ring and finishes him, the crowd wasn't even really ready for it, nobody was standing up, a few people clapped or lifted their hands. There's nothing devastating looking about the stunner. But then it gets built and built...... and then it's not just the stunner that gets people to pop, it's the KICK before the stunner. A KICK. Austin had a kick over bigger than most other guy's finishers. While Austin was a great tactical wrestler, one of the best of the generation, by the time the stunner was truly over he was a brawler and his matches were usually pretty paroquial heel dominating baby face matches.
Looking back at the era of pro wrestling that I was most into, early 90s, and late 90s. WWF was made for me at those ages. Early 90s I was 8 years old, and so wrapped up in Hogan, legit scared of the monster heels. I non-ironically loved No Holds Barred The Match the Event or whatever it was, rented it multiple times. Was soooo into the monster heels. Savage & Elizabeth vs. Jake Roberts... I was TERRIFIED of Jake Roberts, I thought he was like a legitimately EVIL person, like someone the police should arrest because he's sadistic. That feud was built up around Jake going after Liz to get to Savage, and incidentally that feud is what made the Undertaker a babyface. Lex vs. Yokozuna I was so invested in it. Bushwackers vs. Head Shrinkers. I was really into that as a kid. And then fast forward 5 or 6 years I kinda lapsed from wrestling, and then was soooo into Austin, the Corporation, DX. I was so into Austin vs. Vince, and Austin was just a brawler at that point in his career, Vince obvious wasn't a truly trained wrestler at all (I mean, sure he was trained, but he largely brawled and had schmozzes, took finishers, had guys run interference). And neither of those guys, for the most part, were injuring themselves in their rivalry and yet it was probably *the* rivalry in the 2nd half of the 90s, and the rivalry that kinda went onto define wrestling for in the decade around it. Though to be fair the Austin vs. McMahon feud was similar to, like, babyface vs. Heenan in the 80s/early 90s, where Heenan basically just had a faction and the babyface would wrestle Heenans top guy, and eventually "get to Heenan" but it usually wasn't a proper match. Still, like I didn't really care that Austin put down Big Bossman, I cared that Austin put down bossman because Bossman was representing McMahon.
Meanwhile there have been tons of great workers who have come and gone, some truly amazing matches, but i didn't get into them as much as I did the well told character driven matches.
I think often a great match will get mixed up as ... like ... a spotfest or a high spot crazy match. And, I don't think you need to do that. I think you can build a great match, and get the crowd super invested with it being a slow match. Bob Bachlund vs. Bret Hart feud from the 90s is a good example of a move that is utterly harmless when applied by Bachlund but was just soooo fucking over because of how they built it through the "CrAzY MiStEr Backlund" character. Bob had the crossface for ages as his finisher, but it was most over when you thought it was this devastating move and Mr. Backlund was just too crazy, too unpredictable to let go of it, would end your career because he lost his mind. 3 years before, Backlund might get the crossface on a jobber but nobody really care until it was matched up with his Mr. Backlund madman persona.
But again, can't have one or the other, you need both. My most memorable feuds -- the multi-year odyssey of Bret vs. Owen -- were both, great in-ring workers, but also great storytellers who knew how to work the crowd in and out of a match.