Creating a program should be a balanced on how the efficiency of the code work and how easy for future maintenance.
For programming efficiency, both style 1 and style 2 of your code is not make a huge impact much. Because of in nowaday PHP, it converts the code into the bytecode only one time, and read it when visitor using it. So the performance is almost the same.
For future maintenance, it’s depend on your team style of coding. Pick one that you more understand on it. For me, the first style is more practical because 1 function do only 1 job and it’s much easier for maintenance. That’s is.