Efficiently use array values and variables in a WordPress template

Is it better to validate and put an array value into a variable at the top of a file or to check the array value directly right before output in the file?

I work at a WordPress shop and we have a function that some developers commonly use to check the value of indexes in an array of custom field values:

//Check if an array has a key and return its value if so
function pkav($arr,$key){
    return isset($arr[$key]) ? $arr[$key] : false;
}

This leads to the following code in a template:

<?php
    $options = get_fields('options');
    $footer_text = pkav($options, 'footer_text');
    $footer_button = pkav($options, 'footer_button');
?>
<!-- Other code here -->
<?php if ( $footer_text || $footer_button ) : ?>
    <div class="col-12 col-lg-6">
        <?php if( $footer_text ) : ?>
            <h4><?php echo esc_html( $footer_text ); ?></h4>
        <?php endif; ?>
        <?php if( $footer_button ) : ?>
            <?php pk_output_button( $footer_button ); ?>
        <?php endif; ?>
    </div>
<?php endif; ?>

Some devs think this is more readable and a better way to code and check values/variables. It also allows us to neatly declare all variables at the top of a file so we immediately know what variables are used in a given template/template part. We have other devs who think pkav is unnecessary and an incorrect way to use variables. They'd rather see code like this:

<?php
    $options = get_fields('options');
?>
<!-- Other code here -->
<?php if ( ! empty( $options['footer_text'] ) || ! empty( $options['footer_button'] ) ) : ?>
    <div class="col-12 col-lg-6">
        <?php if( ! empty( $options['footer_text'] ) ) : ?>
            <h4><?php echo esc_html( $options['footer_text'] ); ?></h4>
        <?php endif; ?>
        <?php if( ! empty( $options['footer_button'] ) ) : ?>
            <?php pk_output_button( $options['footer_button'] ); ?>
        <?php endif; ?>
    </div>
<?php endif; ?>

Is there a right answer on what should be used in terms of php/wordpress/programming best practices/standards? The pkav functions seems to create more readable code by eliminating duplicate empty() checks and shortening each line but using only empty() checks seems to prevent creating extra variables.