For me, the two forms scratch very different itches.
Tabletop roleplaying for me (in my preferred style) is this freewheeling enterprise where it’s easy to contribute your own material or say something that sparks the GM’s interest and you head off on an entertaining tangent, and you can either hand wave time passing or you can instead deep dive into some event that’s gotten everyone’s attention. So for me it’s a more responsive medium, it handles easily things that have to be specifically managed in a larp. It’s also easier for people who don’t like to be in the spotlight all the time to sit back and be entertained by their buddies for a bit before they decide what they want to do. (Very many of the women roleplayers I know will bring along a bit of handiwork, because it’s something they can fidget with during gaps in the conversation, for instance.)
Larping - there’s the physicality. There’s people dressing up, there’s the way that staging and spacing and how you expect to stand or sit or lie will affect their emotions. I feel my character’s emotions more powerfully in a larp. I also love how it’s a medium that embraces contradictory viewpoints - one of my common writing strategies is to pick an historical debate or philosophical issue and write a character for every point of view I think of. I don’t have to decide for myself which side I’m on which I would in a novel or short story, I have the player group embodying every side for me.