What would be the difference between frying vs baking meatballs?
No recipe alteration needed.

Fried meatballs will develop more of a crust, and thus more flavour through the Maillard reaction. In any case, unless you're making tiny meatballs (or finishing their cooking in a sauce of some sort), they're going to need to be finished via baking anyway.

I would only do the baking method if I had to make an enormous quantity at once. For home cooking I always fry then bake.