A wooden pencil can be re-pointed indefinitely, which means it can always draw the finest line it ever drew. A twist-up cannot: it is the shape it was moulded as, and when it wears blunt it stays blunt. In exchange the twist-up is softer and carries hyaluronic acid, so it travels across a dry lip that a hard wax pencil catches on. So it comes down to two things a shade card will not tell you: the state of the lip, and how precise the edge has to be. A defined edge on a lip in good condition wants the wooden one. A dry lip, or a routine that will never contain a sharpener, wants the twist-up.
A liner is judged on its edge, so the tip matters more than the shade
Shade ranges get the attention and the tip does the work. An outline is a thin line by definition, and a pencil that cannot make one is not doing the job whatever colour it is. Settle the sharpener question before the colour question, because it is the one that cannot be changed afterwards.
Neither fixes a lip that needed a balm first
A liner rides on the surface it is drawn on. On a lip that is flaking, both of these catch and both leave a broken line, and no formula inside a pencil is a treatment. Balm first, then a minute, is the step that makes either of them look like the product it is sold as.