The style of hair tie that I've found to be the most widely and frequently used would be the classic, small elastic band with either metal clasp or glue to hold it together. They appear to be the most accessible, as they are sold in places that one may not find any other type of hair care product. I've seen them in gas stations, drug stores, and outlet stores. While those styles seem to be the most popular, I can only surmise that reason to be due to the availability and lower price per product, in addition to the tight hold they apply to the hair.

Another popular style created from a softer material, would be stretch hair tie, also called the scrunchie. They are created with polyester, microfiber, and occasionally silk. These kinds are better for a softer hair style, that may be prone to frizzing or breakage. While these are more expensive, that comes with a good reason. They don't break and snap apart as easily as other kinds, and they are objectively easier to keep track of, as they are larger and easier to spot and harder to fall into inaccessible places.

In summary, both product work for different things. If you are likely to lose your hair ties and don't mind the potential of breaking hair, then the standard elastic product would be perfect. The softer style is a bit more expensive, but more likely to be the best option as long as one can keep track of it before it disappears into the nether. I think they can both be used in an interchangeable manner depending on one's needs. If you find the smaller ones hold too tightly, change to the softer style. If that doesn't help, you may be able to find different size options in both kinds. The reasoning to use one specific style over the other stays the same, but may skew the results depending on different variables, such as strength and size.