This paper presents a comprehensive quantitative comparison between Terahertz (THz) communication (TeraCom) and optical wireless communication (OWC) technologies, focusing on both indoor and outdoor environments. We propose a comparison method for TeraCom and vertical-cavity surface-emitting laser (VCSEL)-based OWC in indoor scenarios, incorporating misalignment effects by modeling the THz antenna radiation pattern within a multi-ray THz channel model and using a Gaussian beam model for VCSEL-based OWC. Unified beamwidth parameters allow for a detailed analysis of misalignment impact on both systems. Furthermore, we develop power consumption models for each technology, integrating key parameters such as THz phase noise, VCSEL non-linearities, and photodetector bandwidth-area tradeoffs. These models enable an in-depth analysis of energy efficiency in indoor environments, including multi-transmitter coverage scenarios. For outdoor scenarios, we summarize existing stochastic channel models addressing path loss, pointing errors, and small-scale fading for free space optics (FSO) and THz links. We then apply these models to unmanned aerial vehicle (UAV) applications to assess performance in dynamic conditions. Our results provide critical insights into the suitability of each technology for various deployment scenarios.