My take is that both are important in the practice of link building. While "lower quality" links may not bear the same weight as "higher quality" links, the sheer volume of links can begin to develop higher quality links.
If you are in sales, you can focus on high dollar, low volume sales or focus on high volume, low dollar sales. Either way, you really end up doing the same amount of work. But by working on the higher volume, not only do you increase the scope of your audience (becomes seen by more prospects) but you get better at the sales process through repetition. Same applies to link building... if you get really good at the art of linking, when the bigger, higher quality links come around, they are easier to land.
That being said, you must have good content on your website, or no one but spammy sites will even want to link to you.
Check out the article I wrote on
How to Not Avoid Low Quality Links
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