Which options trading strategy is better: poor man's covered call or options wheel strategy?

Which options trading strategy is better depends on what you want to gain from the trade.

If you're expecting your stock to be called away, then an options wheel strategy would allow you to keep the proceeds of that sale. Conversely, suppose instead you were planning on holding it for a long while and are intrigued by the idea of monthly income from giving up some downside protection.

In that case, a "poor man's covered call" might be more appropriate as it provides a much higher yield potential at less risk than buying plain-jane puts.

(Though given how volatile stocks can become, relatively different strategies may be needed). However, in general, the amount of time until expiration affects both methods immensely: "Poor man's" has solid potential return but relatively high volatility.