Both things can be true at the same time. Land being economically scarce necessarily means that whatever use is thrusted onto it will produce private exclusion. Today, we give this relationship of private exclusion the name of "property" or "private property", but that doesn't mean you have to formally recognized private ownership in law to suffer its effects - socialists regimes stand as a testament to that. Thus...
> They're both made up social constructs. One isn't more fundamental than the other.
The first sentence is reductive, while the second is innacurate, if not outright wrong. Physical property is primarily predicated on real scarcity, while intellectual property is purely predicated on social control, which, when analyzed more closely, lays claims (even if partially) of ownership over other resources, including peoples' bodies and mind. It's fair to say that one is more fundamental than the other.