As FW said. Traditionally splitting it out is the way to go. As it leaves true and contiguous grain at the hinge for the tree to pull. Boring the corners to get the block out can interrupt the continuity of the grain and present a host of problems.
With that said I will add that in particularly twisty and knotty stumps I'll bore the corners sometimes, or render the block into finer slabs with one, two or more cross cuts. Then chip and split it out.
When ever I do elect to bore the corners I'll set a file or similar flat straight object into the curf of the undercut butted right up against the edge of it. Clean chips out first. Then leave enough sticking out that I can use as a guide to align the bar to,,, for the bore cut. When done with care a person can get the bore cut right on the money with the gun of the undercut an eliminate a lot of splitting, chipping and cleaning that it would normally take to finish the job. That's the one sure advantage of boring the corners.
And with that said, I'll hold off on cleaning out the insides until after I snipe the stump. Which after the fact makes it a lot easier to reach in and do the final cleaning.
Block out face cuts take more time, but better accuracy is achieved. As for one, it eliminates 99.9 percent of dutchman errors. for another it allows the hinge wood to guide the tree better. Well that is if the wood grain is vertical at the hinge. And that is where splitting the block out has a better advantage. Because it presents a better picture of how the grain runs at the hinge over the boring method. And when we can seen how the grain runs, vertical or twisted, it is a valuable clue to what we should do to follow through.