Yes, an elected EU president would be a superior form of representation to an appointed figurehead. At any point in time that the people have more say in the government, the better off the people are. Electing a president would give the people more say, and thus, this would be the better choice.
The thing about a president is that they usually preside over a republic, which is a superior form of government to a regular democracy. Especially democracies in europe, which are actually just old theocracies. Presidents usually are a better representation of the people. And a better figurehead overall. Presidents are better.