As to emotion, where High School clearly has the edge, many of the teams are rivals, thus many of the players know each other, many play together in Club, you've got students, parents and friends in attendance. You've got music, an announcer, the National Anthem, a scoreboard, write-ups in the papers, coverage on TV...
Hands down, a cooler environment. Yes, there are some "lopsided" games, but that also happens in Club.
Club does continue the development (or should) of the players.
It should not be a -which is better? They are really two entirely different environments.