I do a combo. I live on acreage, so I used electric poultry netting to fence off a huge area around the coop (200 liner feet of fence, so around 2500 sq ft of run for 18 hens and 1 roo) and that's their "free range" area most days. On weekends I let them out to roam the rest of the yard for an hour or two when I can supervise. To protect from hawks, we ran fishing line back and forth, criss-crossed, between the fence stakes. It's worked great so far!
The chickens seem really happy and healthy, and they are safe and have a free range experience.
Our project for this weekend is to till an adjacent area, seed it with "chicken pasture" mix, and then cover that with a chicken wire frame a couple inches off the ground so that they have an ongoing salad that they won't be able to destroy! We'll just rearrange the electric netting to include this new area.
I have another 100' of netting still rolled up and unused. I don't think they need any more space, so I'm hanging onto it for later, in case I want to raise meaties or something.
Anyway, my point is that there can be a middle ground - simulated free ranging (or shall we just say, ranging, since they're not completely free) where they get the benefits of free range without the predator risk (well, no guarantees, but it's greatly minimized by the use of the electric netting and fishing line!)