A decanter exposes a full bottle to air over time. An aerator increases air exposure during the pour, one glass at a time. A decanter gives you more control and can help with sediment service; an aerator is quicker when you want to pour immediately. Neither format guarantees that a particular wine will taste better, so compare a small unaerated pour before treating the whole bottle.
If you are choosing between the two, start with Corkly's best wine decanters guide for full-bottle service, older reds, and buyer criteria like base width, pour control, and cleaning difficulty.