I don't believe it is a vs thing but rather a personal choice as said above by another poster. Both have benefits but at the end of the day what do you, as a hobbyist, want and what are you willing to pay? Additional not all dry or live rock is the same. Have to keep that little nugget in the back of your mind. To complicate it let us make another note with regards to your husbandry skills with the tank after your choice to include fish and coral introduction and procedures. Because if you use dry rock as some will say it has nothing bad on it. However, you introduce a coral from a source and not have proper procedures you now have the possibility of introducing something you tried, or thought, wouldn't be entered...
Live rock such from TBS is probably the closest thing to live that you can get. Almost as good as opening your back door, entering the ocean, and plucking a rock and putting in your tank. It is self sustaining, aquaculture, and shipped to air freight terminal over night fully submerged. You are not going to get anything better but you also pay a premium. Richard, owner, is one heck of a guy although I've never met him face to face I have had the pleasure of exchanging emails about scuba diving and men's health. That aside you can search and read and see what the rock is all about both good and bad (possible hitch hikers). But I will say the overall pro will out number the bad. And bad, well, isn't really that bad at the end of the day all things considered.
Live rock say from KP or other source, still great choices, are not fully submerged at least the last time I checked when looking at it. Self sustaining, aquaculture, oceanic growth. Not fully submerged but over night air. Also expensive. Also great stuff. Also good and bad (again not so bad in the bigger picture). Both TBS and these are probably worth it in my opinion.
Dry rock. Well, it is dry. I was always planning on using TBS with my 210 upgrade but with 2 in college I just couldn't fit it in. I went with 150 lbs of dry Pukani. Dry rock has its own issues but I will say I think everyone should start with dry at one point in time to learn how the cycle works and learn patience. No disrespect but wanted to call out why I think it is important. Basically you are kick starting it playing the role of Mother Nature (not replacing) by starting the bacteria cycle. You do a lot of reading, or some, on which process you want to follow. Fishless by adding ammonia or a piece of shrimp or other food. You monitor, watch, test, and compare results to monitor progress. You maybe used bacteria in a bottle and monitored that progress. Then you add fish, more monitor, coral, more monitor, etc. This is a different length of time for each hobbyist which comes to my patience point

Not only do you learn or compare your notes with what you read but it also teaches that nothing happens over night in a reef tank

And going slow, or at least reading a 2nd time something, helps in the longer run. I'm on the 19th month of my 210 upgrade with the Pukani and I'll say I wouldn't recommend it and I'm only how stable enough or mature enough to keep everything constant

That could be a pukani rock thing though...
TL;DR:
Live rock if you are upgrading from an existing tank, merging tanks, or want something established, or mature, sooner. And if you are willing to pay the premium.
Dry rock if you don't care about time, want to do the cycle for the first time, reduce cost to put money elsewhere, or need more rock than what may be financially sane.
Hybrid or both if you pre-establish dry rock by cycling in containers while building tank. Then mix live rock with the dry and meet in middle ground.