The choice between schema-first and code-only approaches to building a GraphQL server depends on the language used, type safety requirements, and team preferences. Schema-first involves defining the schema in a separate file (SDL) and writing resolvers that execute and return data at runtime, while code-only requires only writing resolvers with the types defined within the code itself. Both approaches have their pros and cons, and misconceptions about them should be addressed. The choice ultimately depends on the team's needs and preferences, and taking the time to compare tool sets and consider trade-offs is essential for making an informed decision.