Ethanol is more strong precipitator than isopropanol, but if you use for exaple Doyle&Doyle protocol for DNA isolation, you use both on different stages of this process. As final stage of DNA precipitation ethamol traditionally used.
Based on my experience, I prefer ethanol. The advantage of isopropanol is that you need a smaller volume, in comparison with ethanol, to precipitate nucleic acids. Also, be aware that using it cold (chilled) could favor the co-precipitation of carbohydrates.
If you use pre-chiled Ethanol 70% is as effective as isopropanol. But remember you need the use cold ethanol.
The other things is the volum in which you have the DNA that you want to precipitate. As it has been said before, isopropanol advantatge is the reduced volum you need.
I guess you should use isopropanol for the initial precipitation as it is a very potent alcohol for such proceedures. You should though afterwards wash with 70% ethanol for the reasons of extra desalting an also because isopropanol may provide you with a bit more volatile pellet, so a wash with ethanol would "stabiiise" your pellet at the ottom of the tube.
2 volume ethanol (room temperature) would be the best rather than chilled and isopropanol..One disadvantage of isopropanol is that it co-precipitates carbohydrates during storage at low temperature..!!
Choice of ethanol or isopropanol is often a question of volume added. For ethanol you must add aroud 2V of alcool, for isopropanol, just 1V. When there's no place enough in your microtube for ethanol, you can choose isopropanol. Both work well, but precipitation by isopropanol need a addiditive washing with ethanol, because of trace of isopropanol that could remain in your DNA.
Personally, I prefer isopropanol. Generally I use it at room temperature after wash with EtOH 70% and then, I incubate it for a few hours at -80 °C before precipitating.
Here I attached you a useful guide for the selection of alcohols and salts for nuclei acid precipitation.