What is considered as more significant, creating content or building backlinks?

Both of them are equally important. One is incomplete without the other.Linking building and content both go hand in hand. Either building links without strong and engaging content or developing high quality content but not an effective kink building strategy, both are a failure.

In SEO both are equally important but of course, content is king, without content you can't share.

Content is the place where you use your targeted keywords for ranking.

Backlinks are equally important for getting traffic, higher DA and improving your keywords ranking.

Both are necessary for creating quality content is equally important to building backlinks. Although link building is useful in building authority to a site and for ranking as well, quality content is the first element that is considered to be more responsible for ranking.