Pros and cons of each
Drum winch
Adv
You can get a lot of line hauled in, allowing for control of longer booms.
Because the radius is small, there is less of an issue with torque.
Narrow and do not require a lot of space.
Disadv
Much slower to haul in sails as they may take up to 2.5 turns.
You need to fit tensioners (not difficult)or other thing to stop slack line jumping off the drum and tangling.
Sail arm
Adv.
Fast only use 1/2 revolution for full range of motion
Won't tangle.
Simple to fit. (although people do over complicate the issue with pulleys that are not really needed.
Disadv.
The arm needs room to rotate. If you have a lot of line you need a long arm. The arm needs to rotate inside the hull and so there are limits to the amount of line you can pull.
Longer arms need higher torque, and this can be substantial. This not only affects the specifications of servos you buy, you also need to make any mountings for the servo strong enough, and consider if this torque will strain the hull (esp FG or ABS).
On balance. Once you get up to 1m a drum winch will be the best option for most boats. Unless they are very beamy you won't get an arm long enough to do the job in the hull.