Food safe: probably lacquer would keep a platter safer from food stains.
Durable: probably oil would nourish and make a mortar or pestle last longer.
Water resistant: probably lacquer would keep more tea in a teacup.
Heat resistance: probably oil will protect a spurtle better from boiling oatmeal or a spatula from sputtering grease.
Acid resistance: probably oil would protect a plate better from tomato sauce, vinegar, knives and forks.
High gloss: probably gloss lacquer would make a bowl shine better on a shelf or coffee table (at least until it's removed and used and washed a few dozen times)
In other words, the objective, the timber and the object itself determine the "best" finish or none at all except for appropriate tooling, sanding and buffing. A finished object can be more easily re-oiled than re-lacquered by its owner, important for objects turned to be used over and over. If the turning is only to be looked at and admired, probably lacquer would better fit your objectives.
Just MHOs, no condescending superiority intended or warranted. :)
Turn to Safety, Arch Fortiter
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