Verdict
If you want predictable cost per sale, affiliate is the safer channel. If you want reach and brand building, buy influencers. Combine them by putting creators on an affiliate basis.
The payment model
With affiliate you pay a commission on a measured sale or lead. No sale, no cost.
With influencer marketing you pay a fixed amount for a post or campaign regardless of outcome.
Measurability
Affiliate traffic runs through tracking links and is traceable to revenue per partner, product and country.
Influencer campaigns lean more on reach, engagement and discount codes. Usable, but less exact.
The grey zone: creator affiliates
More creators now work on a hybrid deal: a small production fee plus a commission on sales.
That limits risk and gives the creator a reason to keep content online longer.
When to choose which
In a new market with little brand awareness you usually need visibility first; creators help there. For scalable revenue growth where you are already known, affiliate is more efficient.
Either way: without correct tracking you will not know afterwards what worked.