For me, an equal healthy dose of both is best. That's what wrestling is, getting people emotionally invested in the characters and their conflicts with each other and THEN making us care about seeing them compete in the ring over it. Without both, I start to lose interest. I can watch a good old fashioned wrestling match without any backstory but only for so long before it gets boring. I actually tried watching the 1988 Survivor Series not long ago and almost every match (with hardly anything in between) was long ass elimination matches, and it started to bore me by the end of the second match. I actually could have sustained interest a lot longer if it was promos or whatever that went on just as long, I admit.
Objectively, gimmicks/personas (which ties into the storytelling aspect) is the main thing that draws a person into someone and makes you care about them. If you do that, you can automatically make people care about the match even if it isn't some five star technical classic. Look at Hogan/Andre as a prime example. It's original match set the attendance record in North America at 93,173 and it's rematch a year later drew a huge rating of 33 million people, a rating far above anything else ever on a wrestling program. This, despite the fact that both matches were poor from a technical level. But Hogan and Andre were larger than life characters and Andre even had a 15 year (I think 22 in real life) undefeated streak by pinfall and submission walking into the first match.
You can also have a 'great' match even if we're not gifted with a lot of technical wrestling prowess and have a very limited moveset. It all depends on how into it the crowd is and how the match itself is booked, spot for spot. Hogan/Warrior at WM6 was pretty damn good, and is a good example of this (brilliant booking on Patterson's part.)