In the interest of transparency, I'm actually using this information for a non-HOAS related project (I already have a HOAS server running using an m.2 drive), but I know people here are likely to have useful knowledge on this matter and hopefully won't mind.
I know both are flash memory, and I know that microSD has the benefit of being internal (so not affecting clearance needs and very low risk of getting accidentally unplugged), but I don't know if there is anything particular about the MicroSD or USB specifications that make either a more robust solution against things like sudden power loss.
Specifically, I'm planning on installing Windows 11 ARM64 and using a RPi 4 8GB to create a custom "streaming stick" as an alternative to smart TV functionality. I already have most of the software functionality worked out.
United States, but I don't think that's relevant to the question.