apply_filters('the_content', $content) vs do_shortcode($content)

Lets say I have a theme option or custom postmeta text area. Now I want to execute multiple shortcodes, general texts, images etc.

What will be best practice and why?

Option 1:

$content = //my text area data;
echo apply_filters('the_content', $content);

Option 2:

$content = //my text area data;
echo do_shortcode($content);

Kindly explain me which one will be best practice and why.