Is SVG better than PNG?

In the realm of digital graphics, the debate surrounding the superiority of SVG versus PNG often arises. Could you elaborate on the key factors that influence this comparison? Does SVG's scalability and vector-based nature make it a more versatile choice for web development, especially when considering responsive design? Or does PNG's widespread browser support and ability to handle complex visual effects render it the more practical solution? Furthermore, how do file sizes and loading speeds factor into this discussion? I'm curious to understand the nuances that separate these two formats and determine which one truly reigns supreme.