Aren't debates fun? Maybe not presidential debates since it's mainly who's got the bigger dick or brains to "run" the country but when it comes to fitness, debating on a good leg exercise can spark either something controversial or a elementary whinefest of "my dad can beat up your dad" mentality. To it's extent, both have their pros and cons and they work the leg muscles in similar but different aspects to work the lower body.
Now, when it comes to Step Ups, unless you utilize weight or some form of variation, I see it more of a conditioning type exercise because the big objective is to work the cardio effect of the exercise. Maybe not to the extreme level of high reps Bob Backlund does but Step Ups can be a continuous strength movement because you're moving the legs upward in a higher elevated capacity as opposed to walking up a flight of stairs which is only a few inches off the ground. When you're working a step around average of 12-15 inches high, you're utilizing most of the leg muscles (roughly the quads and hamstrings) and working the hips in a longer capacity. Going for high reps isn't easy but it does save pressure on the knees and you can keep going for an extended period of time depending on how many reps per leg. Some do a 3x15 per leg approach but others like myself work each leg to a minimum so we can keep going for sometimes up to a half hour or longer.
With Split Squats, IMO, it's more of a strength based exercise because whether with bodyweight or even with dumbbells in each hand, you don't have to do a ton of reps to get the effect and it hits a lot more of the quads along with the repeated movement for the knees. You're going to be more sore from these than from Step Ups because although both are unilateral movements, SS focus more on elevating the lactic acid effect in the quad muscles. You can do high reps per leg if you wish but you're not going to feel all that great the next day and you're putting greater pressure on the knee joints than you would with Step Ups.
I utilize both in some capacity although I prefer Step Ups because it works better for my previous leg injuries. When I do Split Squats, I either use my strap to put one foot in and work a few reps that way or do them Isometrically which strengthens the joints and avoids the lactic acid buildup. Split Squats are my least favorite leg movement but I do see the value in them in some form while others are fanatical about them with a love/hate relationship. I would never do one or the other to failure because for one, that can lead to an injury, two, I want to be able to walk upright the next day and not feel like an 80 year old man wanting to die and three, I want to have that strength and lung capacity to keep going without tiring when I need to do something that's important or staying active without being in horrible discomfort.
Both have their place whether for bodybuilding, sports training, rehab or whatever. Just be smart about how you do them and not let ego get the best of you. Trying to break records all the time will only cause pain and agony, let them be effective so you can stay strong in the long run. If you need more than a couple days to recover from either one, you're pushing too damn hard. Be objective and focus on making both work to your advantage and progress without needing to do a ton of recovery. The most I would ever do for Split Squats would be a few sets of 10-15 per leg and that's it. I'm not trying to go so hard that I can't walk right afterwards, that's just not my thing. For Step Ups, I pick a number I know I can do for an extended period of time and do that per leg and keep going, At the end, I'm able to do on average around 300-500 total in a workout, around 700 in just over 30 minutes and get in 1000 within 41-45 minutes. This works for me and it keeps me in solid condition and be able to hike, ruck, play and other things without gassing out quickly. You always should have some gas left in the tank after every workout.
So which one should you do? I say go for both in some capacity but if you had to pick just one, do what gives you the best benefit. Either one will. Be amazingly awesome and work them legs.