I think you phrased the question well, acknowledging the interdependence of the two.
I have to say the preamp. It takes the really small signal and brings it up to the level the brute can handle it. The preamp is the heart of the system… it brings consistent sound to a system.
Over the last fifty years of my pursuit of the high end, the preamp was generally my most expensive electronic component. I would keep it the longest, then make it the biggest jump in quality.
In general, all my electronic components are in the same price range now (my system is shown), with some variability. In general I would recommend all components would be roughly in the same cost category: preamp, phono stage, DAC, amp, streamer and turntable. But if there were a bias, I would lean towards more investment in the preamp.
If I upgrade soon, it would be my Audio Research Reference 6SE for an Audio Research Reference 10SE (yes, I know that does not exist yet. But the reference 10 does).