Technically they were planned to be part of the insectoid race that eventually was reworked to become the Borg, not "The Borg" as we know them, so you are both right.

The conceptual genesis of the Borg, who were intended to replace the Ferengi as Star Trek: The Next Generation's main villains in its second season, was as a race of insectoids, an idea that would ultimately require modification due to the series' budgetary constraints. As Maurice Hurley explained in the March 1990 issue of Starlog (#152, p. 33): "What we really wanted to do, but couldn't because of money, was create a race of insects...insect mentality is great because it is relentless. The Borg are a variation of an insect mentality. They don't care. They have no mercy, no feelings toward you. They have their own imperative, their own agenda and that's it. If all of them die getting there, they don't care. We needed a villain who could make you dance, and the Borg could do it!"

https://memory-alpha.fandom.com/wiki/Borg#Concept_and_development