Like everything else, it depends.
First thing is how your phono stage is made. Some have lots of gain built in, and are nevertheless quiet - when I DIYed my phono/pre, I built in lots of gain, and spent time and money to make it quiet. Dead quiet. I also built in a very fine SUT, the top silver Lundahl, because I have a Miyajima mono cartridge, and it hums unless isolated by a transformer.
I marginally prefer the electronic amplification to the Lundahl SUT (which, by the way, is the best I've ever heard, including a 10K unit) because it's just a touch clearer and just a touch more dynamic. But that's with dual unobtanium input devices in parallel to reduce noise. Otherwise I would definitely prefer the Lundahl. YMMV