Bio-agents means parasites, predators etc, Bio-pesticides means Bt, beauveria etc microorganism formulation and plant extracts or formulation of animal origin
Depends on the pest/host system. In the cassava mealybug/cassava case the use of parasitoids proved more effective than pesticide use. Pyrethrins have historically been the most effective biopesticide but developing resistance within pest populations is making them less effective. The same is beginning to apply for BT toxin although that is mostly expressed as a transgene rather than as an applied formulation.
It depends on what pests/culture you have in mind and you can only determine what you will choose to apply. In detail, control by exploiting/using natural enemies (as biocontrol agents) or biopesticides (as microbial biopesticides based on microorganisms, including bacteria, cyanobacteria and microalgae or plant-based compounds). As a rule, they are two distinct things. I suggest, for maximum effectiveness, the combination of the use/application of both methods, of course depending on the insect pest.
I agree with both @Robert Adolf and Ioana Grozea. Since most of the biocontrol agents (predators/parasitoids/entomopathogens/plant derived) have host specificity, we cannot depend on one method. We can use two or more biocontrol agents with different host specificities to manage different pests in the crop ecosystem. Hence I also suggest combining both methods can effectively manage a wide range of insect pests.