Imho in D&D5e 2024 it's about DPR vs. the amount of resources (HP, limited use abilities, spells, one use equipment, etc.) used.
Last Sunday we played a game with a 8th level Rogue (assassin) and Sorceror (Wildmage). Expending a spell (Fog Cloud) was way more effective then casting a Fireball, it got us advantage on all rolls and the NPCs all had disadvantage (compliments from the Skulker feat). Then using tricks to control movement within the cloud we could take our time doing damage. On one hand, having folks have disadvantage means more chance for a fumble (and me using a reaction to attack on their turn with backstab damage), it might still mean I get more often hit by attacks and thus damage. The Rogue's HP pool is limited, thus I need to find a balance between doing damage, getting damaged, and folks trying to escape the fog cloud... Which opponents to take out first, when to hide in the cloud and when to make noise to attract attackers...
In another party we play with it's all about high AC, supporting others to not get hit, etc. Doing damage is important, but it tends to be secondary to not getting hit. Sometimes doing a high amount of damage shortens the combat (even by a little), so less hits against the players. It's a different kind of balance.