The two approaches are different, one is inheritance, and the other one is a simple dependency.
By dependency you'll only have the binary transitive dependencies of the project B.
By using as a parent project you'll inherit the configurations like plugins, building model, repositories, dependency-management, dependencies and so on, it depends on the case.
My rule of thumb is for scm configuration, project configuration, and development or company standards, I use a parent project (inheritance).
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