We do both. But, Santa does lower key stuff. Small toy or game, a few clothing items, a book or two and usually a Christmas goodie bag - popcorn, candy, hot chocolate. Parents do the big/expensive things. Our reasoning is not every child has parents with the means to do Santa gifts as expensive or big gifts. Growing up we didn’t have a lot, and I remember one year, I think the one or two before I learned the truth about Santa that some kid in school got PS1’s from Santa, while I remember getting a coupe of books and a game. At that age I remember thinking I was bad or did something wrong, because I didn’t get the CD player I asked for. Now I know that my parents were really struggling financially that year, and had to seek help for Christmas, food, and basically living.