It kind of depends what you are looking to do?
GM = If you want to take complete ownership of a teams finances (ticket sales, concessions), team morale/chemistry (meet w/ players & staff to keep their morale up/give pep talks/etc), MyGM is great for these reasons. It is not so great because the CPU makes dumb trades with other CPU teams and you have no way to veto/stop those trades. Also during the offseason owners vote on rule changes and even if you disagree with a rule change (ex. move shot clock to 45 seconds) the owners can still approve this rule change and you have no way to stop it.
MyLeague - Is probably the consensus favorite for most guys on this forum because they can take ownership of all teams in terms of having veto power to stop CPU trades that make no sense, denying rule changes that the owners may have approved as you always can override what they decide, and depending if you like/dislike not having to meet with players every day to give them a pep talk because they complain about practice tempo/etc.
So ultimately either one is great, it just depends if you want that fun feeling of being a GM of one team or having more control of what happens throughout the entire league. FYI, both modes allow for expansion teams/relocation/team redesigns if that is something that interests you as well.
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