Dear Adrian,
I don't think there is a golden rule and would say it depends on your experimental setup.
For SRM data I think that the peak area is mostly used.
For shotgun proteomics it depends on the used software.
I think that MaxQuant use peak areas, but other tools report the two values together.
From a mathematical point of view if chromatographic were perfect Gaussian peaks then using the area or the apex intensity would be strictly identical in terms of relative quantification.
A first problem is that XICs are often asymmetrical and they are often fitted using two kind of distributions (Gaussian and Lorentzian for instance) for the left and right sides of the XIC.
While it should not change the relative equivalence of area and apex intensity, it makes harder the exact determination of the XIC boundaries (start/end in RT dimension) and thus the integration of the area.
Another drawback of using the area is the impact of interferences on the computed value. If two peptides partially overlaps in RT dimension, and if the signal detection algorithm failed at separating the two signals then you may overestimate the peptide ion quantity while using the area. The apex may be less impacted by the interference in function of the degree of overlapping.
From my experience using the apex intensity helps a lot to avoid this kind of issues.
However a drawback of the apex intensity is that it relies on a single observation, so if your signal is noisy (not smooth in across the RT dimension) you may also overestimate your quantity. But keep in mind that integrating the area of noisy peaks degrades your signal-to-noise ratio because the SNR is not constant across the RT dimension and is much higher at the apex.
The best I would say for you would be to benchmark the ratios accuracy of spiked peptides at known concentrations and to compare the linearity of observed values versus theoretical values.
Three years ago we published a benchmarking study of different tools for label-free quantification (
https://www.sciencedirect.com/science/article/pii/S187439191530186X?via%3Dihub).
In this study with spiked UPS1 proteins under different concentrations in yeast background at constant concentration.
You will find the corresponding raw files in ProteomeXchange using the identifier PXD00181.
You can use these files if you want to make a comparison using SkyLine and MaxQuant for instance.
Best,
David