Financial obligations do not entitle you to participate in the decisions of the company because you do not hold capital, but it entitles you to regular payments (coupons) and your starting bet.
Financial shares are shares of the capital of a company, while financial obligations are indebtedness.
If you have shares, you are a shareholder and can vote at the general meeting of the company.
I think there is not one product that is better than the other, the two are complementary and the good distribution depends on the goals of each person. In my opinion, the solution is to diversify its assets.