I prefer an open world. The loading screens don't bother me so much (though I spend more time on loading screens in the Sims 4 than the Sims 3). What bothers me is in multi-sim households, there are times where you are forced to focus on only one sim. For instance, if you have a sim in the painting career, they have their painting work assignments which means if you want to do the work, your other sims have to stay on the lot. Or if you want the teen to go on a date, then the painter sim has their career progress affected.
I'd be fine with a closed world if there were some way to allow for non-active sims to go on with their own projects.