This depends on your team's maturity, risk tolerance, and timeline. The strangler fig pattern includes incrementally replacing legacy components with modern services running in parallel and reduces risk substantially. Complete rearchitecting from day one, however, is faster but riskier and demands clearer upfront architectural vision.
Most successful modernizations blend both approaches. Use the strangler pattern for your risky, heavily-used core while rearchitecting less-critical modules in parallel. This hybrid approach hits your "time to value" sweet spot: delivering results in 6-9 months, not 18-24.
The real risk isn't choosing the wrong pattern, but treating it as permanent. Modernization strategies evolve. Your strangler fig might accelerate faster than expected, or your big-bang redesign might hit friction, forcing a pivot to incremental delivery.