Neither are more accurate over the other, as mentioned, too many variables but it comes down to the quality of the collect chuck, closure, etc as well as the quality of the collets, thay are not all equal. Each has their advantages & disadvantages which you have to decide what suits you better.
I have ER40 for use in the lathe but only cause I use ER40 in the mill & don't have a set of 5C collets. If I didn't use ER40 in the mill, I might have ended up using 5C for the lathe or if I had to do it over I would use TG150 collets for the lathe.
ER collets were not designed for workholding, they were designed for toolholding, the same for TG collets. But of course that doesn't matter or stop anyone. The use of ER for workholding seems to be popularized by hobbyist. You don't often see ER collets being used for workholding in machine shops if at all.