In the long run, if it was run thousands of times in a single page load, the first example will perform slightly better than the second. The WP filter system and calling many functions takes a bit more time than calling one function. However, while I don’t have any way to test this, I suspect that the time involved would be measured in microseconds. Like I said, you’d need to have thousands of functions/filters to really make a difference. If you prefer one function over many than that’s the way you should go. For me it would be a matter of what will be easier for me to figure out when I look at it in a year because I need to change something.
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