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My LG monitor has inputs for either signal. Currently using USB-C.
Is there an unknown (to me) advantage to one vs the other?
Other than USB-C allows the monitor to act as a hub for other USB devices...
In theory: Use HDMI for video. Use USB-C for everything else (data, power delivery, etc.).
That said, a practical way to decide is to simply try both (with your desired resolution and refresh rate) and see which one gives you more pleasing results.