Personally, In TC, I think that smooth driving is better suited for qualifying and high speed tracks. Point and shoot is better for racing and tighter layouts. Try running smooth in an A Main at a National Level event, you will get demolished by the cars driving point and shoot.
Neither style is particularly faster lap in, lap out, however point and shoot allows you to defend your position better and attack easier.
Back in the one-way days we all ran smooth lines and high corner speed, however, once the spool was introduced and we learned how much harder we could drive into corners, it kind of changed the driving style with TC's. Nowadays, if you don't drive point and shoot, it is really hard to keep up. One of the last people that I have seen recently drive smooth successfully is Rick Howart.
With Pan cars, smooth is typically preferred, but if you look at Keven Hebert, he is driving 12th Scale point to point with a ton of horsepower and it was fast enough to TQ and win the nats. It is truly a sight to see.