Is there a practical difference between cash flow and appreciation?

Beyond the philosophical difference, should an investor view these things differently?

If there’s a non-productive asset (like gold, artwork, etc) which I think will appreciate more than a productive one* (like shares) — is it illogical to choose the productive one?

Psychologically, it makes sense, because I’ll be getting cash straight to my bank account without having to sell anything.

And even during months of asset depreciation, I’ll still have positive cash flow. Not the case with the non-productive ones.

Curious what those smarter than me have to say.

  *factoring in the cash-flow of the productive asset (like dividends).