Both styles have their caveats.
A paddle is easy on easy off, and easily adjustable to different positions around the clock....3 o clock, to 6 o clock and back again is no problem, and you really dont even need a belt.
However, the paddle will never hug as tight against your body, making a vest or jacket a good idea to help conceal.
With a good pancake, and a gun size that fits your body profile, a slightly oversized t-shirt is usually all that is needed for cover up.
However, you dont get the adjustment options you would with a paddle. you can maybe get from 3 o clock back to 5 o clock....because your belt loops will hinder any further movement, without removal, and adjustment of the belt/holster themselves.
I am a t shirt and shorts kinda guy....so most of my holsters are pancake style....however, my dad has gotten away with carrying a full size pistol in a paddle holster for years...albeit with a lot of printing, and sometimes downright full exposure...but I think the years of being a cop has left him looking like a cop, so no one ever thinks twice about the bald guy with a gun.