From a practicality standpoint, if you think you may want to add another 3 phase machine later on, the sub panel would make more sense. But the wire and breakers are expensive so I’d avoid it if possible. The converter already has a bunch of protection built in. You don’t need another breaker in-line.

I just read a little about these things and it looks like most people use one converter per machine. Since you’ll never run your 2 machines at the same time (you couldn’t anyway), it looks ok to share the converter. You just have to locate the machines near each other. If they’re on opposite sides of the room, then go back to considering the sub panel.

So really the only things driving the decision are the location and number of machines. Otherwise, there’s no practical advantage to putting a panel between the converter and the equipment.

Losing fingers since 1969