I think there's 2 different questions: Which one makes people happier? Which one makes people more successful? I was at a company where a CEO with deep experience in our field effectively stepped aside as they hired a CEO with deep experience in business. A lot of people didn't like it, even though the old CEO stayed around and was very involved. But looking back, the new CEO helped the company do very well. As I stated in a different comment, you need a balance. You need technical leadership and business leadership, and sometimes they need to be different people working together on the same team.
Which is it?