Natural is better from the view point that there are things going on inside the testes that are important other than T production. hCG helps.
Now take a guys who has been low-T for a long time, typically a slow decline. Get him to TT=1000 with other goals as I always suggest and he will be doing better than the natural guy as he can be very hyper sexual. That normalizes after months-years as transient effects fade out.
The natural guys may be doing better for the reason that he is not having the problems that affect T, those issues may affect other parts of the body and brain. A healthy hypothalamus and pituitary are good to have, otherwise there can be issues beyond LH/FSH levels such as panhypopituitarism where, arbitrarily, three or more hormones are affected. Some which may be hard to recognize such as lower dopamine levels that may be typical age related decline or leading edge of Parkinson's disease. Same for GH, which does decline. But to guys with secondary hypogonadism also show greater declines of GH? Sorry for stream of brain dump.