The argument itself is flawed. What’s better, a ball peen hammer or a mallet? It’s not which is better, it’s “what’s the right tool for the job?”
Exercises have different levels of systemic fatigue. Systemic fatigue has a lot to do with how much effort your body is putting into stabilizing the path of the weight/resistance profile.
If we were training quads, here’s a list of exercises from most systemic fatigue vs least…
Barbell Squat
Smith Squat
Hack Squat
Leg Press
Leg Extension
It takes more overall systemic effort to do a smith squat than it does a leg press.
How you understand and manage this will dictate your ability to recover, avoid acute/chronic injuries, etc.
Another thing to consider is how complete the resistance profile is.
Is there more tension in the lengthened position and less in the shortened?
Is there more tension in the shortened position and less in the lengthened?
Is the resistance profile complete from top to bottom?
Side note- Leg presses aren’t superior to squats and vice versa. What matters for quad training is whether or not you have to knowledge/experience to create the most knee flexion and extension. Most people give up on squats because they don’t understand how to create maximal knee flexion, turning it into an ass and hip lift. They actually do the same thing with leg presses, but chalk it up to how they’re limb length.