To optimize the cost for a single hole, the kit for drilling is much cheaper than punching.
To optimize for speed, punching (with the right tools) is orders of magnitude faster. (An Ironworker (machine) can punch a dozen half-inch/13mm holes in a minute.)
To minimize deformation of the work-piece, drilling is better.
To minimize heating of the work, e.g. to prevent work hardening, punching is better.
If I have both a drill press and an Ironworker, I’m probably going to use the latter more than the former for structural steel. It’s so much faster. As a bonus it can also bend, shear, and notch metal too. They are great fun to use.