At one point I had one of my teams with 20 million in College scouting, and the other team with 20 million in HS. I transitioned the HS team to 20 million in College, for most of the reasons already stated.
I don't think you get "better" top-end players from either source. Game wouldn't make sense if it were biased one way or the other. I just find drafting from College less annoying. First of all, of the 200-ish prospects you see, only half of them will even be decent AA players. Your minor league teams will always be crap (I know, no one else cares) and you'll be drafting some of those crap players in the 5th, 6th, 7th rounds. Wasted signing bonus money. So I would take the extra step of filtering out the total loser prospects and moving them down below the ??? players. More work.
And yes, more players who actually want to sign contracts and start playing.