I'd imagine it would be faster to change an object's visibility, rather than creating/destroying it.
In both cases the object wouldn't be drawn, so rendering performance would be the same.
If the object isn't destroyed it's still available for interaction though.
Both have their uses, and it shouldn't be an issue of which is faster, instead just what makes sense in that situation. Usually I make invisible stuff that I'll either make visible again or just use for interaction. Whereas I destroy what is no longer needed.