If you haven't got time, and are in and out of changeable light, the AWB may suffice, though you occasionally may have to correct the colour in some pics. If you have the time set an appropriate preset WB for each situation. You may still have to fix the colour on pics, but hopefully fewer pics though.
If you are in a situation were the light source remains the same, choose an appropriate WB for the situation. By using a preset you get more consistant results, should the light in the situation remain the same. Again, you may have to correct some pics.
If you shoot in only Jpeg, you can correct the colour in post processing, but any large changes could show degradation in the image.
If you find yourself doing the same correction to AWB, or a preset WB, you can customise AWB and/or the presets tocompensate for that change in camera.
If you shoot in the RAW format you can alter the WB after the fact, but it is a a good idea to get as close to the correct WB because it saves time later. Als, although any changes to the WB made during post processing shouldn't degrade the RAW file, it could affect the exposure slightly, which is why it it is a good idea to get the correct exposure should you be shooting only in RAW.