I actually believe it can not.
There really is not much use comparing the two or actually three if you include crates. They are all different and all have their use.
I am no big fan of playlists for an entire gig, it kills creativity and prohibits reacting to the crowd. The general rule of thumb is to take about twice the music you will need for a particular gig. I’d put that in a crate. Like the bag, case, crate of vinyl you would have taken with you back in the day.
The best use of playlist imho is to make lots of small playlists of 3-5 tracks that go well together (preferably in any kind of order). And then select from these playlists to pack your crate for a gig. This gives you a lot of leeway in moving (with) the crowd in a particular direction, while preventing the DJ equivalent of “writer’s block”. Anybody who’s been out there knows the moment I am talking about. You tried a track, the crowd reacts better to it than you thought and you were actually planning to take things in a different direction. If you have those mini playlists, you can just pick one of the other tracks in that playlist while you figure out your next move. Lot’s less of stress, even on a night that creativity might be lacking some (btw, no worries, I promise it has happened to all of us at some time or another).
Finally, while on a gig, you can use the prepare list to just toss all those tracks from your crate in you think you might wanna play at some point in your gig. I do make a habit of clearing my prepare list after a gig. The reason for putting a track in the prepare list for me is based on the vibe of the night. So what may feel good with friday night’s crowd, may not feel like that on saturday night.
Preparing at home for a gig to me is “packing” the crate for that gig with the 2x the amount of tracks I think I’ll need. I don’t use the prepare list for that.
Just my three cents as usual