If you haven't heard it yet, Placebo's version I think is almost as good as Kate's. I know that's a strong opinion but it reminds me of Hurt from NIN vs Johnny Cash. Both very good takes of the same song. https://www.youtube.com/watch?v=x5GuBa4Bbnw
Placebo's "Without You I'm Nothing" is one of my favorite albums although I've never checked out any of his other work, heh.
Kate Bush was recording a song, which may or may not turn out to be great.
Meyers and Molko were recording a hit song, they already knew the power the song had and they lean into it far more than Kate Bush could.
That said, I prefer the Placebo cover over the Meg Meyers one. The Chromatics, who I generally like otherwise, cover is not their finest work.
I prefer the sounds of the Kate Bush original for sure, a re-recording of it would be my ultimate. Draw it out. Higher highs, lower lows, don't be afraid to give us some space to feel the weight of what we're experiencing.