The verdict in one paragraph. Stay with Apple Notes if you want notes that are simply there: free, instant on every Apple device, good at scans, sketches, checklists and shared lists, and now able to import and export Markdown. Move to Obsidian if your notes are turning into a body of knowledge: plain Markdown files you own, links and backlinks, a graph, and apps for Windows and Android as well. If the deciding question is privacy on a Mac and an iPhone, with a lock on the whole app and notes Apple never holds, Dash (which we make, and list last) sits between the two.
Most people comparing these two already use Apple Notes and wonder whether they have outgrown it. The sections below follow the questions that decide it: setup, links and Markdown, sync and privacy, and how to move.