Clientwise, Element supports neither so far, but we're experimenting with the HN-style threading in a dedicated playground called Cerulean[5]. The idea is to get it working well there, and then figure out how to merge it most effectively into Element. So: it's not ready yet, but it's getting tantalisingly close. We'll probably start hosting a demo version of Cerulean next week so folks can play along and see how it feels :)
[1] https://github.com/matrix-org/matrix-doc/blob/matthew/msc232...
[2] https://github.com/matrix-org/matrix-doc/blob/kegan/msc/thre...
[3] https://github.com/matrix-org/dendrite/pull/1589