What’s more important: engagement or growth?

It depends on which stage you are + what is your strategy. If you aim for a rapid growth, you need to invest in new users (growth) - this way you are competing for the market share (though in this case you will need solid investments). On the other hand, if you want operate with great profit margin, you need to focus on engagement, converting new users into active buyers. In other words, this is a philosophical question, and to answer it right, you need to know very well your ambitions, strengths and limitations.

Higher engagement rates create a strong sense of community, increase brand loyalty, and encourage word-of-mouth promotion, all of which drive organic growth.