I guess it depends a lot on the look you're going for and whether it's color of B&W.
In color negatives, underexposure will make the tones muddy. Overexposures will bring colors that are more pastel or pop depending by how much you overexpose.
On B&W, the film has a lot more latitude so this is a bit less of an issue.
Don't forget the classic rule to expose for the shadows and develop for the highlights.
If film doesn't record shadow detail, you can't recreate it. On the other hand, highlights tend to already contain less information. I would be tempted to say that, unless the subject calls for blocked shadows, overexposure is a lesser evil.
But if you use a modern emulsion like T-Max, one stop under is hardly noticeable.
But for slide film, it's a whole different story. And instant film is a whole other ballpark.