It's not either-or, it's both. It takes time to reach the point where you're "unaware". Before that, you're fully aware of what's happening and that there's no escape. After that point, it will probably get "better" for you, the patient.
But it also gets way, way worse for everyone around you. With cancer, you're still yourself - you die as the person you were. With dementia (or Alzheimer's at least), you die twice, and people around you are left to tend to your corpse, which happens to move and eat (even if you forget to chew and swallow) for years after you're gone.