Well, when thinking about SEO, consider the fundamental methodology of Google: When Google crawls your website, they have no idea what is on your website, and it is not such as if they have a per-determined list of words from which they are ranking your site on, it is the opposite, they crawl...
As Marc stated above, having both is key, and they are both major factors in determining your rank.
If you must prioritize one over the other, as the saying goes "content is king".
Having all of the back-links in the world that only link to useless text won't provide SEO results. Ultimately...
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