In your example it doesn't matter. One binds more tightly than the other, is the only real difference -- well, that and readablilty. || binds tighter. So, if you want to die after an assignment use or:
my $foo = $bar->fetch('baz') or die "something went wrong\n";
And if you want a default value, use ||
my $foo = $bar->fetch('baz') || 'default';
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| & || & |
| < || < |
| > || > |
| [ || [ |
| ] || ] ||