Well, there is no real answer to this, because the drone growth (really they don't evolve, they just grow) theory is more or less just a theory based on the patterns of a Termite colony.
In my opinion, the answer is both.
The queen chestburster is entirely canon, but it makes sense for the drones to be able to grow into queen xenomorphs as well.
This is also backed up by the illustrations created by H.R. Giger displaying xenomorph drones with female genitalia.
Also, we have seen a xenomorph drone (assumed to be female) turn other organisms into eggs (we don't know if they were normal facehuggers or super facehuggers). It would only make sense that they can go the extra mile if they can already produce eggs on their own. This would also explain why they would make normal facehugger eggs -- they would need other drones around before growing into a queen.
Just think about it -- if a xenomorph queen is prematurely killed without any super facehuggers laid, there would be no way for a xenomorph colony to survive. That just sounds way too simple to me.
As far as natural growth is concerned, it would obviously be best for a hive to gain a new queen through a facehugger, because acquiring one through drone growth (caused by lack of pheromone suppression by the queen) would be extremely destructive -- with so many female drones in a xenomorph hive competing for one position, it would be a bloodbath.
We have assumed that xenomorph drone males become warriors, I don't see why the females would be put at such a dead end in their caste system.
In my opinion, the queen chestburster is the natural (and safe) way to go to replace xenomorphs in a hive, but female drones are the means to populate new regions (since they're mobile), as well as serve as an emergency means of replacement should there be no super facehuggers present.