Alice in Borderland land is more exciting, it has more titties than you can count, its hard to guess the game, and it's also more kan chiong. But it really fails in the emotional area, as a viewer I barely connect with any of the characters.
Squid game may not not as exciting, and you can guess the games, there are not many kan chiong moments. But I relate to the prospect of living as a poor person or strip off humanity and live as a monster. I think that feeling is harder to create, and I feel more for the characters in squid game, hence I give the point to sotong.