They both have their advantages and disadvantages
sand - you can siphone waste/ debris up easier but it can become compact over time crushing or restricting root growth. It can also stop a dangerous gas escaping (forgot name, think its hydrogen sulphide) but you can just prod it every month or so. softer on Bottom feeders
gravel - allows plants to anchor and spread roots easier, bits of waste fall through providing a small source of nutrients to roots, dangerous gases only build up over long periods of time but if you siphon the gravel then this will release it. rounded pea gravel is soft but not as soft but my bottom feeders survive without injury/ marks