I like to try different approaches, though I tend to start with a fairly generic fantasy world but add/remove some mechanics that support a particular narrative or style of play.
For example, my current long-running campaign is a large but contained sandbox. A mega dungeon. I use GP for XP, which really changes the dynamics of game play. There are a variety factions, a detailed history, and some overall plot lines, but the story is mostly created through play. It does involve quite a bit of downtime play, however, which not all players are going to be into.
My first 5e campaign was a home brew world where elves were for all practical purposed wiped out and arcane magic was banned. For that campaign, I used milestone leveling. There would be an adventure that would like for one or two 8-hour sessions. After which, surviving PCs would level up. Basically, the idea is that you had a party of adventurers who after a period of time, could be years, we called together once again. Bascially we played levels 1 through 20, with each level being one adventure. It worked well for for busy players.
Both of these campaigns worked well when you have players who cannot attend every sessions. It is very easy to bring in new guest players as well.
The only other campaign I ran in 5e was Curse of Strahd, because I was burned out with world building and creating all the adventures myself and I really liked the CoS adventure book. While I really enjoyed it, it was much harder to run with a group of busy people who might not be able to make every session. I had to work much more on moving the schedule around to try to ensure the entire group could attend most of the time. A full-on "adventure path" or more railroady adventure would would even harder to run. CoS was at least pretty sandboxy. But I would find it difficult to run most of the officially published WotC adventures for my main group.