Let's separate the current capacity from the voltage drop.
Voltage drop is the difference between the voltage at the circuit's origination and the load. This is dependent on only two things: the circuit resistance and the circuit's current flow. E (volts) = I (amps) x R (resitance).
You can always use a larger wire size, 12 instead of 14 for example, and still render it a 15-amp circuit by using that size breaker; the inverse is not doable. The breaker protects the wire from overheating.
The load expected on a circuit is what determines the best wire for the job. Lighting is generally a consistant load once calculated. Electronics is more variable, and more sensitive to voltage variations.
What's important is that the labor cost is the same, the cost of the breakers is the same, the devices (receptacles and switches) are the same, and the wire cost difference is about 25%, so choose by need.
Whether to run a sub-panel instead of individual circuits depends on (a) the distance, (b) room in the main panel, and (c) the importance of individual load diversity (one overload not shutting down everything).
A large feeder will exhibit much less voltage drop over a distance as compared to separate runs, especially since few circuits will be loaded simultaneously. Plus, a subpanel gives a great fun factor!