Better is relative to your needs. Toe covers are for cold, but not severe temperature. They allow some foot ventilation which is good for moisture control, they can be put on & removed easily, and are compatible with a variety of cleats. Shoe covers are better at insulating the entire foot (and some styles ankle too). There are different types of shoe cover, some improve aerodynamics without providing effective thermal barriers. Belgian socks provide a small amount of insulation for foot and ankle without complete sealing. Other types of shoe covers are effective for both thermal and moisture protection. For cold, rain, or snow, neoprene is a material commonly used. The downside to neoprene and wind-stopper materials is moisture retention. While good for the short term, heat and moisture build up in the shoe can be detrimental.
I don't see extremely cold temperatures, so toe covers are used often, for low temps I use an extra sock with the toe & heel cut out (center retained as stirrup) just for ankle insulation, for very low temps, toe cover + light shoe cover+ ankle cover. For my environment modularity is important, so I can adjust for external and internal temperature changes. I can see an advantage to heavy shoe covers (booties) in extreme environments.