Iteration is the right call when the foundation is sound — the information architecture mostly works, the CMS is usable, and there's meaningful SEO equity worth protecting. In this scenario, improvements can be shipped page-by-page without disrupting what's already performing.
A full rebuild is warranted when positioning or the ICP has shifted significantly, the information architecture is fundamentally broken, or the tech stack blocks marketing from shipping changes quickly. If your team can't update a landing page without filing a dev ticket, the stack is working against you. The deciding factor is usually whether the existing structure can support the next stage of growth or whether it's actively holding you back.