This is a weird comparison. You can use PHP to power an SPA with SSR. It's not an either or.
It was fun to write. Relevant code is here:
https://github.com/ldyeax/jimm.horse/blob/master/j/j.php
https://github.com/ldyeax/jimm.horse/blob/cb6a1c03504cbe6b63...
I actually uncovered a niche bug across multiple browsers with this PHP code. In at least Firefox and Edge, if a page is cached with a fetch using accept:text/json, the response will be shown from view-source of the html page you have open, even if the content is different when you fetch the page with accept:text/html
The idea is the same code can work on front end and backend. On NextJS it will run your React on the backend but useEffects will not be called. Just the initial render is saved and piped to the browser.