Part of the answer(s) depends on how long you’ve done either.
Venture Capital is an incredibly specialized skill set. If you’ve been an associate, analyst or principal for a few years … those skills can (sort of, kind of) translate into biz dev, partnerships, strategy, etc. That’s an easy transition.
But … as time goes on … and all you have ever been is a VC for 10, 12 years … those skills don’t really add much operational value at all. Unless it’s into a corporate venture fund or maybe corp dev.
A lengthy operating history, e.g. CEO, founder, etc. also only helps being a VC up to a point. And the higher up the org chart in the better of a company, the better for sure. And the further you took a successful startup as a founder-turned-VC, the better for sure. But at some point enough is enough to be able to evaluate other start-ups … and to get them to pick you.