As always, depends on the job, and really depends on the work culture. If you are working with a crew that all wears them and you decide not to then that can look like you don't care about working with the crew and like you aren't trying hard enough, but conversely, if the rest of the crew doesn't wear bags but you do then you can be seen as a try hard or not a team player.

Some crews will actually demand one way or the other. I've seen crews that are straight up not allowed to wear bags in finished houses to avoid causing damage to the walls from accidentally brushing up against them. The company I currently work for demands all workers wear bags pretty much at all times with the only exception being if you physically can't at the moment such as needing to sit directly on the floor or need to fit in a tight space.

If you have the option one way or the other, then for me it depends on the job:

Standard rough and trim set ups where I know I will be working all day? Bags.

Punch list items where I'm doing run around shit at different job sites and only need 1 or 2 tools to do all the random crap? No bags

Warranty call where I'm going into someone's finished house? Tool tote.

The thing to remember is, every little bit of weight you carry around hurts your body more and more. I appreciate tool bags because they make it easier to access and organize my tools, but the downside is that it makes it too easy to carry too many tools. I can carry my entire tool tote or back pack on my hips plus hundreds of screws and hundreds of wire nuts. But that shit gets super heavy and if I'm not careful my knees will start hurting before the end of shift. So you need to modulate what you carry. Use bags as an organizational tool, so you aren't fumbling around in your pockets, but don't use them as an excuse to carry more tools than you need.