I think in a party based RPG it is a fundamental design decision whenever player plays as a party (Solasta, Icewind Dales, Wasteland2) or do they play as a leader of a party (Planescape Torment, Pillars of Eternity1&2).
From the examples you listed, the first approach seems more suited for combat and exploration focused games while the second is better for games with strong stories and characters like BG3! I definitely prefer the second approach!
