The Presta valve was designed for narrower bicycle rims where drilling a larger hole would reduce rim strength and because they are also easier to fill with a hand pump, especially those frame pumps of yesteryear. They are also immune to contamination from dirt and this is why Shrader valves needs caps, Presta valves only need them for storage to keep the point of the valve screw from puncturing the tube.

There is less resistance at the valve stem with a presta and this can be tested by trying to blow up a presta tube by mouth and then trying to blow up a Shrader.

From a functional point of view they both work equally well on bicycles, everywhere else in the world Shrader valves are used on everything where high pressures are required... like compressors and jet airplane tyres.

I run them both depending on the wheels and carry the appropriate pump... if the bike runs Shrader valves I also carry a modern pump which makes filling them easier