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

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 of them will equal significant!!!

Both of them will equal significant!!!

Google gives high preference for content but if you want more reach for your webpages then getting backlinks from most visited sites will be very helpful.
Keep on adding content to the website, we can't generate traffic automatically. So working on both On-page and Off-page optimization is very important.
Getting backlinks from websites with high PR and DR will be very helpful in ranking on Google.

Both of them are equally important. One is incomplete without the other.Link 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.

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Creating a quality content is important.