Me i like balms best that's what i go for i don't like the sting and burn of the splash well the balm calms the the skin for me anyway the sent is light and it rehydrates the skin as well so for me the balm is best.
For the longest time I only used balm, but half a year ago I was in CVS and on a whim got some Clubman and Aqua Velva. I really like how AS tones my skin, plus I've come to really enjoy the scents. But I like how the balm moisturizes and protects my skin. So now I use both--pat dry my face after the shave, slap on the AS, clean up and put away my gear, then two drops of Stirling Glacial Unscented balm to wrap it all up. Your miles may vary and all that, but it works well for me
Aftershave splash for me. Some can be a little annoying, but only in the "too much can come out if you aren't careful" persuasion.
If I have a lot of shave irritation, or my face feels on the dry side, I prefer a balm, mostly alcohol-free. YMMV, but I find balms and lotions are more moisturizing than, say, a splash that has a sting to it, which indicates a high alcohol content. Some splashes are more gentle, like Ogallala, which has lots of soothing oils, or Dr Jon's splashes, which is almost like water and has a good bit of witch hazel. I like variety, so I use everything across the spectrum, from Aqua Velva Ice Blue to Nivea sensitive skin. Just depends on my mood and the shave soap I use.
I mostly shave at night and prefer balm, the next morning I will use a AS or splash. If i needed to shave mornings or afternoon for a event like a wedding or something then I would just use a AS.
For me, it’s all the above. Kind of depends on whether my face feels irritated or not, as well as the time of year. With some degree of irritation or cold weather, I’ll typically use witch hazel followed by a balm. Otherwise I’ll use witch hazel followed by a splash, and then sometimes I’ll use splash followed by a balm. Sometimes it’s just what I feel like using.