I enjoy both, but definitely prefer drinking. Drinking with a huge crew, playing drinking games, laughing a shit ton, listening to music, dancing, going to bars and meeting new people, going to clubs and dancing with hot girls, making music/DJing, random hookups, etc. are all so much fun. And honestly, hangovers are bearable if the night was good. And you get entertaining stories.
When I smoke I just get lazy and hungry, chill with 1 or 2 people, do the same shit I did back in high school, and basically waste my time. I rarely leave the spot I smoked. It's fun but too much time doing that just feels like life is slipping away. I prefer the feeling of being drunk to being high anyways.