Both. Even if the event is for max reps, I still feel like building a strong base with lower volume transfers well to max reps. The stronger your 1rm is, the less taxing a lighter weight will be.
As well as this, the percent and exertion of the AMRAP work increases in time as well. If the log is in the 90% of max for reps, then you obviously shouldn’t be doing a bunch of AMRAP with that weight or below it, but rather just trying to increase your max log with high weight low reps.
If you have more than 10 weeks, then volume is very, very important to accumulate. Volume builds muscle, adapts the body to the movement and builds conditioning. It really just depends on how heavy the weights are at the comp.
I am a big proponent of the idea that anywhere within 10 weeks, you will not be building substantial enough muscle to justify a large amount of hypertrophy work with event training. That stays for the off season, or 10-12+ weeks out.