Heavy weight fighters vs more Light weight fighters

Something I always ponder.. which offers more advantages.. having a smaller number of larger fighters like the Flankers, Eagles and Tomcats that cost more to purchase and operate, but carry much more weapons and much further and have more room for upgrades, etc

vs

larger number of smaller fighters (like J-10, F-16, Gripens) etc, which usually need more fuel tanks to reach the same range and carry less, but usually have much higher sortie rates and availability rates.

or are some of you comprimisable.. get a medium fighter like a Hornet or Typhoon/Rafale