I'm a bit biased as I haven't blogged on Wordpress for a few years and I'm currently building on Ghost.
Ghost is a much better and simpler environment for writing and blogging. The built-in member features allow you to natively create newsletters, both free and paid, which is brilliant (and there are no fees, compared to Substack's 10%, for example). With Zapier, you can also sync native members to any other email service.
They're both easy to set up. I just find Ghost a lot "calmer" and nicer to write with. Wordpress has a huge developer community and a ton of plugins to shape it how you want. Ghost is more focussed.
For writing and newsletters, I'd pick Ghost.
I have two blogs running with the newsletter feature, so new blog posts go out automatically to members. It works well though it's limited in beta.
I see an opportunity for a newsletter-first Ghost publication, though, and I'm actually building a theme that pushes posts behind a simple homepage, similar to how Substack or Mailchimp handle online/archive content. I haven't seen many Ghost sites work this way but I have a feeling more newsletter-first publications will come online in the next year.
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Thanks for sharing your thoughts! Ghost's writing environment is absolutely a huge plus for it, as are the new newsletter/subscription tools. Have you setup a newsletter via Ghost yet?
Cove looks really nice—exciting to see something other than Disqus as an option for comments on Ghost.