An engineering geometric drawing for a machined part with a hole in it has no tolerance on the actual hole size, let's use the hole size as 0.500, but the tolerance block on the print states that a 3-place decimal has the tolerance of ±0.010. If the hole is drilled or if the hole is reamed, is the tolerance the same or is the tolerance different for a drilled hole as opposed to a reamed hole and if so, what is the tolerance on the reamed hole?
If your print made by the designer, says plus/minus .010 then driling should be enough. Reaming is meant for closer tolerance holes....more like plus/minus .0005.
You have to figure out what it is you need. Can your design tolerate plus/minus .010?? If so...then reaming will just add cost.
So I think in order to answer your question, reaming will get you a better tolerance on the hole size than drililng. Just remember that reaming is secondary op that adds cost.
Reaming results in a hole of much closer tolerance, typically the tolerance used in producing the reamer (solid reamer, not adjustable).
Your hole tolerance does not suggest any need to ream.
If internal finish has to be fine and the hole parallel all the way, reaming can be used.