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Let's analyze taking a Consulate-level town with a geared-up stack on the grass. Valia with 4-5 stats, expert archer, without a spellbook.
Option 1:
6 Grand Knights + 54 Marksmen + 64 Pikemen + 4 Griffins (single units)
Option 2:
2 Angels + 49 Marksmen + 57 Pikemen + 4 Griffins (single units)
The setup and tactics are identical in both cases:
1 Griffin - 1 Griffin - Marksmen - 1 Griffin - 1 Griffin - Pikemen - Knights/Angels
Battle scheme: Knights/Angels in the first round attack the Grand Knight stack from above; the stack moves down to attack the Pikemen; the Marksmen take their place; the Griffin single units move alternately with the opponents, blocking both cells from which the upper-left stack can reach the Pikemen. On their turn, the Pikemen block the Marksmen in the pocket.
To ensure a clean experiment, I disabled morale for the Griffins and skipped my own morale if it appeared.
Results:
In the setup with Knights, 2 Knights and about 40-45 Pikemen are consistently lost, along with the single units.
In the setup with Angels, 1 Angel is consistently lost (the second is half-health), and almost all Pikemen are lost. Out of 4 attempts, the Griffins broke through the Pikemen and started attacking the Marksmen twice, resulting in losses of 4 and 6 Marksmen, respectively. However, in one of these battles, I made a mistake myself – I fired the Griffins at the wrong stack. And in the second, even with a normal battle strategy, they broke through.
With enough grinding, you can try to find the optimal sequence for the Knights/Angels in terms of alternating wait, defense, and attack, so as to reduce the number of Griffins and avoid unnecessary losses. Then, the result might be improved. Currently, I was fighting "by eye."
The average damage of 6 Knights running at the Grand Knight stack is 276 (at close range - 210). And for 2 Angels, it's 175. The Knights have more hit points. There are more Marksmen. There are more Pikemen.
As can be seen from the numbers, the Knight option is relatively resistant to the Griffins' morale; the battle proceeds with a margin, and in the worst case, you'll lose an extra Knight or the remaining Pikemen.
But in the case of the Angels, everything is much worse – deviating from the optimal order can lead to serious losses, and it's easy to take hits on the Marksmen.
And even in the optimal scenario, as can be seen from the numbers, the Angels suffer noticeably more losses.
UPDATE
I tried the same setup in a Consulate-level town with a stack. And I won (with Knights), leaving 3 Knights and all the Marksmen; I didn't use morale. But it was close, of course, and in a real game, it would be risky.
The Angels, of course, would be quickly defeated there.