It really depends on what sort of outings you plan to take and how many people will be with you.
Pop-up canopies can give you more cover, more height underneath, and can withstand more extreme weather than awnings. But they are heavier, take up more space, and need at least two people to put up and take down - with three or four being better. They are generally superior to awnings for base camping with a group or family.
Awnings are lighter, take up less space and can be easily set up and put away by one person. They are less roomy underneath and more easily collapsed/blown around/damaged by bad weather. When space is at a premium or you're on your own, awnings are superior. Hence their popularity for overlanding.
Neither is really a replacement for the other. In the right situations, each is awesome and there's nothing wrong with eventually having both.
A third option is to set up a dining fly using a tarp, some paracord, and knowledge of how to tie a taut-line hitch. This does require trees to tie the rope around (remember to place three or four twigs between the rope and the tree to protect the bark) if you're solo. Tarp poles can be substituted for trees if there aren't any around and you're not alone. This can take up the least amount of space and weight and can also be at least as weather resistant as the pop-up when done right. Plus, it can cost just a few dollars.