What is considered as more significant, creating content or building backlinks?
It depends solely on what context you want to do things.
To OP I say, what Anush is saying is that what have you in mind? Are you a blogger or marketer?
If you are blogger and writing is your passion then you wouldn't care much about links and traffic. You will just write and try to get your word out.
On the other hand, if you are a marketer or a business owner then getting traffic is much necessary. As it effects your sales or getting views to your ads so that you can make money, pay the bills etc etc.