Both approaches have their advantages.

Storing blobs on the DB makes the data more consistent (the database is always in sync with the file content), and allows you to use advanced features of the DB on these files (transactions, SQL queries, data rollback ...). You also only have to backup the DB.

Storing links to the objects is usually more scalable, as your DB will not grow as fast. DBs are usually harder to scale, and also more expensive (at least 10x per GB).

It really depends on the project, but I'm favoring more and more storing the data in BLOBs, as it makes backups easier and as I can use SQL queries directly on the data. Databases as a service also make it easy to scale DBs up to +/- 2TB. But the cost might still be an issue.