My endocrinologist says that there are both positives and negatives to both.
Blasting and cruising:
Positives according to him: More hormone balance compared to cycling if kept in check with AI
Negatives: When you transition from a blast to cruise, your estrogen can change a lot, causing issues with dosing anastrozole and side effects that come with high/low estrogen, harder to rebound and might result in permanent fertility issues. Must use HCG or HMG to restore fertility, may take months.
Cycling:
Positives; Less fertility issues, less long term effects related to steroid abuse. Dose doesn't matter as much when cycling, therefore you can take a much larger amount of AAS and still rebound just fine. The duration of use is more dangerous than the dosage used.
Negatives: Hormone rebound effect when cycling off, body has to get back to homeostasis (obvious reasons why you do PCT)
So basically:
Blasting for long periods of time with high doses is more dangerous than cycling with high doses. Fertility is more of an issue when blasting and cruising. If you don't want kids, then blast and cruise to hearts content. Pretty much what one would expect.