Assuming no flying monsters [thank you Lyncanite's] or massive tornadoes [thank you weather mod]
The logical weirdo digs in. Digging my hole gains me materials. Building your tower costs materials you first have to collect.
Since I'm underground, I already have the cobblestone for a furnace. I can continue to collect stone and be productive during the night- even lucking out with mineral deposits/breaking into a cave.
Up a tower all you have is what you got during the day. Very little to do until the sun rises again.
The precious daylight needed for hunter-gatherer activities. If you want a furnace you''ll need to invest a chunk of that daylight in mining cobble.
However the tower does give a good view of the surroundings. I have a small patch of sky [normally facing east or west for timekeeping]
You're safe from the monsters but in a poor position to dispatch them without a ranged weapon. And assuming you don't get shot off the ladder you'll have a horde at the base. With the hole I can stab their feet when they get close, or use the narrow entrance to fight the horde one at a time.
You're platform is perfectly safe from creepers- ladder/column is an easy repair job. My front door is slightly more expensive, but unless I'm in a very flat area the layers of rock and stone offer enough protection. (I often dig into the side of a hill).
Tower is ok for normal mode, or difficult to a point. The hardmode i'm used to: a few logs, stone axe, and a bit of food is a very good day 1. If I'm very lucky I might have a lump of coal for a torch.
(if there were something to make sitting through the night engaging- a hardmode when digging in is inadvisable/impossible and surface shelter is a must would be rather interesting)