I use BLO on some woods where I want to add an amber color, deepen the color or "pop the grain." Oily woods don't need it. When I want whiter looking, especially on holly, I will NOT use BLO. I have used BLO on a few pieces of holly in which I wanted it to look a little like old ivory. Worked too. By the way, here in Japan, I have a dark amber BLO and an almost clear BLO and each add a different color to lighter woods.
If anyone is asking "which is better", I personally think that is the wrong question. A better question is: What am I trying to achieve on which wood? The answer to that will be based on enough experience to know the difference and how to achieve it. THEN not to start another argument, - "enough experience" will not come from words on this forum but from getting into the trenches, ruining a few blanks in the process and discovering for yourself.
There have been numerous well explained documents for CA and CA/BLO, but even with the different ways of explaining and slightly different methods, some have difficulty understanding.No matter which way you slice it, dice it or cut it up, it still is not going to be understood by everyone. All the explanations for swimming will not help in the least until you get into the water! A parachute does not work inside the airplane! Unlike swimming and parachuting, you are not going to die if you ruin a few blanks trying to gain experience.
Get a pine 2X4 cutoff and cut (or have Home Depot or a friend) cut it into a few dozen blanks and EXPERIMENT. Buy a few dozen tubes from PSI or other for less than $10.00 and experiment. There are some great teachers here, but EXPERIENCE is the best! Even the great teachers give accolades to Professor EXPERIENCE!
And lastly, a person's personal preference to turning speed, sanding pressure, sand paper/MM or other, grit, CA application process as well as the wood will be enough to change the outcome as opposed to the next guy - even when a step by step list is followed. So, it boils down to EXPERIMENT for yourself and enjoy the journey!