When I use the AWS private link versus VPC peering for establishing private connectivity between different services or VPcs?

In the context of AWS, here is the technical term given for using AWS Private Link versus VPC peering, along with relevant code snippet:-

AWS private link

You can use the AWS private link when you need to securely expose services privately for other VPCs or AWS accounts without exposing them to the public internet.

Resource “aws_vpc_endpoint” “private_link_endpoint” {
  Vpc_id              = “vpc-12345678”
  Service_name        = “com.amazonaws.region.s3”
  Private_dns_enabled = true
}
Resource “aws_security_group” “private_link_sg” {
  Vpc_id = “vpc-12345678”
  Ingress {
    From_port   = 443
    To_port     = 443
    Protocol    = “tcp”
    Cidr_blocks = [“10.0.0.0/16”]  # CIDR block of the VPC accessing the PrivateLink endpoint
  }
  Egress {
    From_port   = 0
    To_port     = 0
    Protocol    = “-1”
    Cidr_blocks = [“0.0.0.0/0”]
  }
}
VPC peering
You can use the VPC peering when you need for the purpose of establishing private communication between VPCs which would belong to the same AWS account or different AWS account:-
Resource “aws_vpc_peering_connection” “peering_connection” {
  Peer_vpc_id         = “vpc-abcdefg”
  Vpc_id              = “vpc-12345678”
  Auto_accept         = true
  Peer_region         = “us-west-2”  # Specify if peering with a VPC in a different region
  Accepter {
    Allow_remote_vpc_dns_resolution = true
  }
  Requester {
    Allow_remote_vpc_dns_resolution = true
  }
}
Resource “aws_route” “peer_route” {
  Route_table_id         = “rtb-12345678”  # Route table ID of the local VPC
  Destination_cidr_block = “10.1.0.0/16”  # CIDR block of the peered VPC
  Vpc_peering_connection_id = aws_vpc_peering_connection.peering_connection.id
}