Demand Gen or PMax for the same budget - has anyone run both properly?

Client wants to put money into something above the search funnel and I have to recommend one. Both are pitched at the same job and they're not the same thing, and most of what's written about the comparison is written by people selling one of them. What I understand the difference to be: Demand Gen is deliberately a creative-led social-style placement set with audience targeting you control, and PMax is everything at once with the channel mix decided for you. So Demand Gen is the one you choose when you want to know where your money went, and PMax is the one you choose when you care more about the outcome than the route. What I cannot find is anyone reporting a like-for-like test. Same budget, same period, same creative, one of each. Has anybody actually done that, or is everyone comparing a Demand Gen campaign they built carefully against a PMax campaign that has been running unattended since 2024? Suspect I know the answer. Asking anyway in case someone has done the work.