Panels or Context module? Can I please get some input on the differences between the two?

I'm building a website where using 'context' is very important. After watching this video series about Page Manager by NodeOne, I feel that Panels 'context' and its ability to securely pass arguments to Views is very important. However, the Context module has a plugin that does a similar type of function called the View Default Argument From Context module.
I prefer Context module in most cases. I find it simpler and less heavy-handed than Panels, which takes over entire pages. A good use case for Panels is when site admins will be rearranging landing pages themselves or for sites with a lot of unique layouts.
I pick between Panels and Context for a given site when evaluating wireframes or designs. In some cases it makes sense to use both.

I can usually handle the Views arguments I need within Views itself (often by setting the default argument) and don't need the Panels side to do it.