IMO, you should 100% always do the latter.
It is easy, I find almost trivially easy in most cases, to take a well-designed mechanical structure and give it the flavor and character it requires in order to feel grounded and tangible and fitting.
I find it damn near impossible under most circumstances to take a collection of things something "should have" because of its nature/origin/whatever, and ensure that that collection is actually fun and exciting to interact with. That approach far, far too often leads to exactly the problems of many early 5e creatures (and many 3e ones as well): Fat Sack of HP syndrome, Rocket Tag, and a host of other problems.
Naturalistic reasoning is good and useful, cannot be discarded, and is essential for making the game rich and meaningful, rather than being Stats & Spreadsheets. But rigidly requiring that absolutely everything must start from purely naturalistic reasoning? That frequently leads to things that aren't actually fun to play against.