Security-wise they are roughly equivalent. While SHA has had more eyes on it I doubt either construction will ever be practically broken at hash sizes like 384 or 512 bits. Someone may find an "academic break" at some point.
BLAKE3 is faster, sometimes a lot faster, on hardware without SHA instructions. On hardware with SHA instructions SHA may be faster. Same as the AES story where AES is faster than ChaCha on CPUs with dedicated hardware but slower otherwise.
BLAKE3 is faster, sometimes a lot faster, on hardware without SHA instructions. On hardware with SHA instructions SHA may be faster. Same as the AES story where AES is faster than ChaCha on CPUs with dedicated hardware but slower otherwise.