Is the long-term value actually better at casinos with No Wagering Free Spins compared to sites offering High Percentage Sticky Bonuses?

I have been hopping between sites lately and trying to calculate the actual return on these offers. The sticky bonuses look huge on paper, but once you factor in the playthrough requirements, it feels impossible to actually cash out.

On the other hand, the no wagering spins are usually for small amounts, so it feels like you never hit big enough to matter. Has anyone run the math on which one actually leaves you in profit more often??