Mhh Maybe 
Like you say these are two opposite moderation styles and both have their disadvantages / advantages but moderation isn’t black and white like that. That’s why in communities I’m in, they’ve all found their own moderation style to suit their needs since moderating shouldn’t be a full time policing role 
Like it says in Discourses’ FaQ:
“moderators can be community facilitators, not just janitors or police”.
If moderators are too laid back it could drive your members away for a few reasons such as a lack of policy/ disorganisation and action not being taken on problematic posts because its just ‘not that bad’… leading to toxicity maybe? Just some thoughts.
But by the same token, “hyper vigilance” can make people feel afraid to post which is what you don’t want in a community