In theory, a truncate should be somewhat faster than drop (and even more so than the pair drop + create ), since truncate only changes the information about the space allocated for storing the table data, transferring it from the occupied to the free state. While drop does the same thing, it also removes information about the object (entries in the system tables that there is such and such a table with such and such a set of columns).
However, as rightly noted in the comments, in practice, the costs of one thing, and the other may be negligible compared to other operations in the procedure.
In addition, I would be careful not to
create a normal table from a temporary table
even if there is confidence that there will be no conflicts due to parallel access, since temporary tables are “live” in the tempdb system database, and additional measures are used to improve performance ( refer to the section Increasing the performance of the tempdb database ).