The question you're asking is philosophical and has been explored by many thinkers throughout history. Here's a brief analysis of both perspectives:
Is Life a Dream? This perspective explores the concept of life being an illusion or dream-like. It's famously represented in various philosophical and spiritual teachings. In Eastern philosophy, for example, life is often considered an illusion or "maya" in Hinduism and Buddhism. In Western philosophy, thinkers like Descartes questioned the nature of reality, wondering if what we perceive might be a dream or deception.
Is Dreaming Life? This perspective contemplates the idea that our dreams might be a more authentic representation of our lives or consciousness than our waking reality. Dreams can contain insights, fears, desires, and creative ideas that we may not be conscious of in our waking lives. This idea is explored extensively in psychology, particularly in the works of Carl Jung and Sigmund Freud.
There's no definitive answer to this question as it lies more in the realm of personal belief, subjective experience, and philosophical interpretation rather than empirical evidence or scientific consensus.
On a more tangible level, while dreams can feel very real and intense, we distinguish them from our waking lives based on consistency, continuity, and shared experience. That said, both life and dreams can provide valuable experiences and insights, and considering these questions can lead to fascinating explorations of consciousness, reality, and the human mind.