In practice it is just preference.

In extreme cases where you have hundreds of macros and make them all global 
you can have some problems because all of the macros have to be loaded with 
import variables if they are used or not, this is done without your 
intervention.
So if you have lots and lots of macros it can cause some more overhead than 
transclusions.

But the number of macros you would need to have a noticeable effect is 
almost certainly outside of what is reasonable to do.

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