I much prefer having it on a physical home button. You can still feel a dent, but it takes even less effort to reach for it with your thumb.
(Well, I think the Pixel never had a home button, and by now it's unfortunately disappeared from other phones too...)
In that case, I'm grabbing it with my thumb, index finger and middle finger, and since the phone is seated upside down, my thumb reaches the home button before I'm even holding it in my palm.
On phones with a fingerprint sensor on the back, I first have to get a full grip, and then I can reach for the sensor.
(But it's probably somewhat hand/pocket-specific...)