I have not heard of this age-old debate. To me it seems the formats are too different for comparison.
An audiobook may be good when looking at a page/screen is unfeasible, e.g. while driving, but otherwise I consider page/screen far better, because you can re-read and flip back and forth comfily. Namely, I mostly read for research, so I often have to even flip back and forth between different files/books.
Fiction may be fine in audio format, but I have my doubts how good the people are who do the voicing. An automatic text-to-speech is usually crappy. A paid actor may be less than enchanted about the task and this will necessarily be reflected in the voice. An entire radio-theatre like performance may be the best option.
Then occasionally the end-user is forced to a specific role. People whose eyes are worn out must explore audio options. Those hard of hearing must keep leafing.
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