Which would be better is whichever one is easier to write. The difference between them is going to be negligible. But from a pure instruction efficiency a single loop would be better as you potentially check the conditions less and do less jumps. (In languages where you have more control over memory like C this is less straightforward)
But honestly, this won’t be what makes or breaks your system. Ever. If you run into performance issues, you will need to reduce the amount of objects you process, not just shave off a handful of instructions.
So just write whatever is easier to read and maintain. This will be different depending on style and the specific problem you are solving.