I think the key thing to takeaway is that if you try to ride a bike like a sled you will hate your life and think its the lamest thing on the planet. Just like taking a mtn sled and riding trails all day. Not going to get to experience what it really can do.
I've rode sleds for 16 years. snowbiked 2 full winters and had both for a a season on both ends of it.
My take, both are INCREDIBLY fun. I enjoy the hell out of snowbiking, i try and hop on and ride a bike for a few days every winter. The hard enduro racing through the sticks is hard to beat for fun. What I find is that it takes the right riding group to really make it fun. Also terrain. Lower elevation wetter snowpack is a LOT more fun. More HP and traction, also less punchy sugar snow they struggle in. Being that I live in higher elevation dryer snow, the bikes are not as fun around home vs other places I rode them.
What I found is that I enjoyed my sled 75% of the time and my bike 25%. and for the pure sake of dollars sitting around not getting used I stick with sledding. Also just ease and comfort. Sleds are designed to be used in the snow and take a lot less setup to be functional and dialed. Brand new Khaos boost will be here soon. Litterally unload it and rage. Takes a good day of wrenching to setup a proper dirtbike as a sled. I will say I miss throwing 3 bikes in the bed of a truck vs having a big trailer to take 3+ sleds. So much cheaper and simpler day to day riding bikes vs sleds.
We had a pile of local guys go sled to bike and back to sled. A big part of it seems to be machine ability. We all want to ride the same gnarly terrain. Sleds weren't there at the time and bikes offered us a way to get into that terrain, now sled chassis are SO much better. You can ride so much nastier terrain with ease, making the Bike niche smaller every year the sleds get better.
I live and ride in the same areas and for me I would say I'm the opposite. The bike is better 80% of the days and sled is better 20%. Rode mountain sled for about 12 years, than bike for a couple, sled for a couple more, than back to bike and on my 3rd season with this bike, 5th overall snow biking (3rd bike). I will stay on bike if I can only have one.
For me the only days a sled is better are the super deep days. Like, at least snow over the hood on the sled. In Montana I feel like I'm lucky if that is 20% of the days unfortunately. Now if I lived someplace like Revelstoke (or anywhere that gets a ton of powder days) and had a more flexible schedule where I could ride almost every day, maybe than the sled would be better 50-75% of the days.
I'm a weekend warrior (mostly, but will take a few week days off here and there) and I just found I flat out don't want to ride a sled unless the snow is good. I found myself riding less and less every year. Used to ride 1500 miles (~30 rides) a year, than it seemed like I was down 500 (~ 10 rides). So, far this year, I would of rode a sled 2-3 days and I've rode my bike about 10. Last year I rode my bike around 15 days and probably would of rode sled maybe 6 or 7 days? Snowbike is fantastic in conditions that I don't even want to ride the sled. The days when there is only 4" on top of hardpack and everything is tracked out, I just go in the trees and have a great day. Once the snow sets up and there is a good base the bike is amazing and places you can go are unreal. You just have way more confidence about what you can drop into and I go places I would never even think of trying on sled.
Anyone that thinks you can a ride a sled in bike places just hasn't rode in thick enough trees on the bike!
All that being said, nothing is the perfect answer and the bike definitely has some downsides. I would never want to ride a snowbike just for trail riding. While the groomed trail is a lot more interesting on the bike, give me a sled on thin snow conditions with ice, dirt and rocks. I don't really like riding the bike in early season bottomless or thin snow conditions. Don't really like it on sled that much but its better. The four stroke bike is a PIA in the cold. They don't start in real cold temps (like below 10, if you leave them outside or drive far with it in the back of the truck or on an open trailer). Enclosed trailer and heated shop is mandatory IMO. The snowbike is more of a pain to load in the truck anyways, but I do it if it isn't real cold. I'm tired of changing oil but I guess you don't have to worry about the clutches/belt wearing out and breaking. I used to clean clutches on sleds every other ride. Now I change oil every 2-3 rides. Definitely takes some setup and tinkering to get them right. Kind of more like the old mod sleds of the 90s. I also have no interest in jumping snowbikes. I feel like they suck for that and I would take a sled any day if I had any interest in jumping. For those that go on big trips, storing a bike outside/in the cold and having to change the oil is a downer. Probably wouldn't own a bike if I had travel a long distance and only rode for 3-5 days at a time.
I still enjoy riding sled and may get another to have both, but it sure wouldn't get a lot miles around here. I prefer more technical tree riding on sleds as well, but I love carving up downhill lines and sidehilling through the trees. A meadow here and there is ok. Its awesome when the snow is good. Blows if the snow is hardpack and its hard to get the sled on edge and keep it there.
Also, if your new to riding, a snowbike is exponentially easier. I feel like if you have ridden dirt bike or street bike, you can have it down in an hour or two. No M/C experience and it might take you a day or two, but it is so much easier and less physical. You will love it after an hour or a couple days. Sledding takes a long time to get figured out (at least riding powder). Many probably quite after a few rides being miserable getting stuck. I am way way more sore riding sled (other than my butt), although definitely warmer. The bike is just exponentially more precise in the trees and on side hills. Its way easier to maintain lines.
My 2 cents.