Phono stage or pre Amp? which is most important.

They're all important but Mike is right, the phono stage is sort of a first among equals. Relative to what you have the table, arm and cart are good enough that you would probably be shocked to hear how much better they are through a good phono stage.  

As far as preamps go, any time and every time value and budget comes up the answer is a good tube integrated amp. You will get far more sound quality for your money than with separates. That is the most budget friendly step up. 

Finally, most important of all is what you want from your system. I know what I want, and so I know tubes and turntables are the way to go. I know to strongly consider Benz and Koetsu while never wasting a moments thought on AT, Lyra, etc I just don't want hyper I want music. But if you want your table to sound like digital then solid state and Naim with AT will get you a lot closer than tubes and Benz. Whatever it is, know that about yourself and be realistic is the winning combination.

Last time I heard a budget Pro-Ject phono stage, I thought it was pretty bad. In fact I think the model you have is even lower than what I heard (though it was several years ago). I’d suspect even that budget AT cartridge can do much better; that current phono stage is quite possibly the weak link. Try a Hagerman Bugle 3, it’s really affordable at $185 and sounds good! That leaves money to upgrade other stuff in the meantime. Then later, you can go for a big cart & phono stage upgrade together, when you're ready.

I would think nicer thoughts about your equipment,

The only thing 'cheap' (simply inexpensive) is the cartridge, I would suggest keeping it for a spare and getting a better one now or soon.

Stylus shape is important, definite audible differences, have a read:

https://sound-smith.com/articles/stylus-shape-information

Fineline, Microline, SAS, Shibata, all cost more, however they last longer, so look at cost per hour when comparing.

This one would be a terrific choice IMO

https://www.audio-technica.com/en-us/vm750sh

IF/AFTER you get further into Vinyl, then think about 
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Let's talk about proper cartridge mounting and precise alignments.

A few tools are needed, and some acquired skills are needed.

What are your skills?

AT 95 is a nice performer and your tt combo will benefit from a better phono stage. Start there and practice your alignment skills with this cartridge. 
G

My experience tells $500 phono pre and $1000 preamp will be a better choice than $250 phono pre and $2000 preamp.
The difference between $500 and $250 phono pre will be considerably bigger than the diff between $1000 and $2000 preamp.