Water extracted is safer, cheaper, and cleaner. If done right , you can end up with a product that is far superior to any chemical extraction, both in terms of flavor and potency. Yeah, I know a lot of you are not going to believe me on that one, but almost no one seems to know how to actually make good bubble hash. Most of the photos I always see posted on these forums is of brown or greenish crumbly crap. If this is what you are comparing, then yes, oil is going to be better.
As someone else pointed out, Sub Cool has posted some very good info on his bubble technique. If you follow his instructions to can end up with something that is just pure trich heads and nothing else.
Oil might be a bit more concentrated than well done bubble hash, but the flavor is always pretty lacking and it is never as smooth. Well done bubble is almost like taking a vape hit - all you get is flavor and essence.
Unfortunately I have never seen anyone outside of Mendo other than Sub Cool who has figured out this technique. I just wish I could send you all a piece of properly done bubble so you could see what I am talking about, hehe ;)