I like the bug-off better because my island is covered in flowers so it’s easy to run around and find lots of bugs. I don’t care much for the prizes in either event, so I just get one of each for my catalog. Some of the bug prizes are cute though like the butterfly backpack and the wallpaper. I find it really annoying to talk to CJ so that’s another reason I don’t like the fishing tourney.
You're not alone! I usually catch around 5 to 8 fish per round. Bait does increase that score a little, but walking along the beach is almost as fast for finding a next catch...
I hate digging up and crafting bait so I only ever used it when I have to fish in a very specific spot (pier/ponds, for example). It's definitely a waste if you don't want to catch anything in particular.
I like doing the bug off more but for the fishing tourney I don't even waste bait; The amount of time spent to gather clams and craft fish bait is too long for me. I'd rather use fish bait for catching the hard-to-get fish I didn't get on the cliffs/pond. I wish that ACNH made this part of more interactive though. For example for the fishing tourney/bug off they could of had all of the villagers gather around the town square right before the time limit begins and they'd all just run off randomly to fish lol. Obvously a leaderboard should be displayed at the end with some random numbers given to each villager to at least give the feeling of challenge