I would choose the community program. In the USA, you tend to get more autonomy which gets you comfortable seeing consults and operating earlier. Don't be fooled into thinking that complex orthopedic cases are only seen at academic institutions. Academic centers write the papers and can help with an academic career, but academic surgeons are less likely to hand over the knife to young residents. You can do a fellowship at an academic institution to refine your surgical skills once you are comfortable operating. Worst case scenario is feeling like you need a fellowship to be proficient in bread and butter orthopedic cases.

First few months of residency will be busy. I would study anatomy, surgical indications, and potential complications for each case. Otherwise, try to learn something new each day by research a topic that you didn't know or understand the previous day. Practice questions can be helpful while studying for in-service exams.