It's both. It depends on the person, the day, the occasion ... the whole scene.
Your use of the deck is what makes it what it is to you. Tarot is like a puppy that wants to communicate with you: It will figure out what pleases you. Tarot, in my opinion, is your subconscious - more exactly, a bridge to your subconscious. Why? Because part at least of subconscious files by image. Conscious mainly files by language, text, and meanings constructed from language-based thinking. A Rosetta Stone that assigns meaning to images (including symbols of course) makes a bridge. The more you use Tarot, the wider the bridge.
To me, the genius of Rider Waite lies in the psychology of the interactions you see in the social scenes depicted in the illustrations. A family power struggle in Ten of Pentacles, for example. And action goes both ways, and from different perspectives. Take Seven of Wands: protest, self defense, pushy and mouthy teenager-type attitude, person defending what's his, defending his home ... all of these apply. 'Gimme the car keys, and, no, I ain't buyin' the gas' as well as 'I'm mad as hell and I won't take it anymore.' Is this exoteric - yes. And this is the sort of thing that usually applies in questions usually presented to Tarot.
If you ask a spiritual question, it's spiritual. (The puppy wanting to please you.)
If you ask a mechanical question, it's mechanical.
If you ask a medical question, it's medical.
And so on.
Rider Waite is that flexible! I once asked, when I was learning the meanings, as a question that was a 'known,' so I could find the unknown meanings: Describe an internal combustion engine. Cards about explosion and cards about flow. Got it.