I would say this:
For long drawn-out HTML where no PHP is involved, escaping from PHP would be better. Less strain on the server.
That's all I can really say. The only difference is whether the PHP parser looks at the string or not. If not, it's "skipped". It's really a matter of personal preference. If you like to use embedded PHP, by all means, use it. If you want to use straight up PHP and echo or print the HTML, do that. Unless you're doing some major programming, I doubt you'll actually see any difference.
~Brett