Given that the main application of the two models is in minimizing or eliminating reviewer bias, here is a paper discussing this: https://www.pnas.org/content/pnas/114/48/12708.full.pdf
It may also be worth considering 'triple blind review' and 'open peer review' in the discussion.
In double blind review, the identification data of both the author and the reviewer is hidden and therefore I agree with Marianne Levon Shahsuvaryan that it may be more objective. However often times the bias exists not against individuals but against (or in favor of) certain nationalities, minorities, institutions, women, etc. The text may still give subtle clues to this information (even where the identification data is hidden). Thus double blind review also has limitations.
My take is that irrespective of the model of review, the authors, reviewers and editors need to be aware of their own conscious and unconscious bias.
They also need to identify any conflicts of interest.
Theoretically, double-blind review is more advantageous than single-blind review, regarding the elimination of possible bias, as others have already mentioned. However, there are cases in which ''Double-blind peer review is not really blind'' as dear Temitayo O. Olaniyan rightly pointed out. In any case, the responsible editors should take the proper measures to ensure, to the greatest possible extent, that author/s will remain anonymous for the peer review of their manuscripts.
The most important thing in both of them is that reviewers aren't really ''blind'' - I mean that they are reading your manuscript with attention and with very objective lens.
Once papers are allocated to reviewers, single-blind reviewers are significantly more likely than their double-blind counterparts to recommend for acceptance papers from famous authors, top universities, and top companies
Double-blind peer review means the identity of both the author and reviewer is kept hidden. If the authors’ identity is unknown to the reviewer, it will prevent the reviewer from forming any bias. There are advantages and disadvantages associated with double-blind reviewing. As Quan mentioned the corruption can change the game rules any how. The most common problem in reviewing when the author knows one of the associate editor, and by contacting them they can make the process very smooth any way.