That's a percentage of weight. It's useful to know how much actual fertilizer you're getting for your dollar. If both products were the same price, the 10-10-10 would be the better deal. You'd use less, it would last longer. (Baring other factors such as whether it's a brand name of generic, perhaps handled better. Remember, these are *minimum* percentages of weight. A generic brand could be sloppy when mixing, giving you 12-15-13 one time, 11-10-16 another. They could all be legally sold as 10-10-10. So, it's not entirely about higher numbers being better. Quality control might be an important factor. Respected brands being worth more than simply the weight of the nutrient.).
It's better to think of fertilizers as ratios. Both of what you mentioned are 1-1-1. A product that is 5-15-10 would be 1-3-2. A good veg ratio is said to be 3-1-2. A good flower ratio is said to be 1-3-2.