Note: I am pretty sure that this is a good place to post this, but I really don't know. Either way, I think it's needed considering that I don't see many posts like this and usually they aren't as in depth.
There are a few myths that have been spread over the years about which one of these formats sound the best. Here, I will try to help you find which one sounds better. Let's begin with the most common misconception.
Records sound better-
Some argue that records have a warmer sound and bring you closer to the audience, but this isn't always the case. Sonically, the difference between a record and a CD are either extremely minimal or completely unnoticeable if the record was being played with a neutral needle, cartridge, etc. Maybe, depending on the player, stylus, and other assorted pieces, the sound could be warmer and more pleasing, but the same could be achieved with experimenting with different players, amps, and preamps for the other various venues of delivering music. The idea that records produce a warmer sound could also be partially due to the difference in mastering between the music on the record and the music on the CD. Many musicians digitally compress their music, meaning that they essentially take a sound then rob it of it's dynamics. This just wasn't done in the time of records and I hope that it will eventually wither out and die because I hate listening to a good song that sounds awful because there's no difference in volume between someone yelling and whispering. Personally, I don't like records, because the players, preamps, vinyls, and basically everything else that goes into playing a record is very expensive. That being said, I still listen to records from time to time. Not because they sound better, but because I enjoy watching the turntable spin and the act of putting the record on the dish. I guess in that way, records do bring one closer to the performer.
CD's sound better-
CD's do not sound better than other uncompressed audio formats if both formats are being played on comparable machines. The bitrate on a FLAC file is actually higher than the bitrate on a CD.
Uncompressed audio sounds better than MP3's-
This depends. There is a noticeable difference between FLAC/WAV and 360kbs MP3 files, but this difference in my opinion does not at all change how well the music sounds. The difference is so minuscule that even if you were to notice it, which is very unlikely, you probably wouldn't care. The difference between 360kbs and 128kbs is more noticeable and I believe that with the right equipment, the higher bitrate would lead to a better sound. This difference between sound and bitrate becomes much more evident as you go down. By 96kbs the difference is much easier to notice and anything below that sounds terrible.
Here is a good website to visit if you would like to find out for yourself what sounds better-
https://www.npr.org/sections/therecord/2015/06/02/411473508/how-well-can-you-hear-audio-quality