Two chemistries, two temperaments
Acid stain is a reactive stain. Metallic salts in an acidic solution react with free lime in the cured concrete and deposit colour inside the surface, which is why it cannot peel or flake — there is no film. The palette is narrow and earthy: rusts, tobaccos, coppers, soft greens. Water-based stains are pigment carried in a binder, so the palette is effectively unlimited including blues, greys and near-blacks, but they sit closer to the surface and behave more like a very thin translucent coat. Neither is better; they are for different jobs.