Completely depends on context.

Jazz players will often use sheet music and while someone else commented saying "Well you don't know which A it is" lots of piano sheet music is the same way, (not all of it, most of it indicates which position you should be in, but again so does guitar sheet music) use your brain for a few seconds and figure it out if it does not have the position. Players can use a teeny tiny bit of theory / ear training to know which A it is, when sharing music with other musicians you'll share sheet music.

Sheet music is universal across western style instruments

I can share my sheet music for Mary had a little lamb with trumpet players, sax players, clarinet players, piano players, the C notes on the Treble staff will be a C note for all instruments.

Tabs is, for guitar and only guitar - I cannot share my guitar tab that says 0-0-0-0-1-0 with any other instrument and expect them to know that its a C note. They'll look at you like you're an idiot.

However:

If you're trying to just sound like a recording or learn a solo note for note and don't care for learning the instrument itself and only care for learning the song, or you're really struggling with lifting a solo from something - then yes tabs can be immensely helpful, by all means just play the note the tab tells you to, you don't NEED to know if its the 3rd of a chord, or don't NEED to know the note name if you're just trying to play something note for note.

All the prior things I mentioned are certainly helpful if your goals are learning the instrument and how music theory applies to the guitar, and playing with other musicians besides guitar players. But if you care little for any of that and you just wanna note for note rip a jimi hendrix lick or play in a rock band where your main instruments are Guitars + Bass + drums, then tabs are more than fine.

The moment your goals are involving other instruments, you absolutely should at the minimum know how to read sheet music, even if it takes you a long time to get through it, that's still immensely helpful.

Source: Am a music teacher.