It seems to be a matter of opinion. Some people prefer the gel gloves as they are quicker to put on than the wraps and claim they offer better protection. Personally, I prefer handwraps and find they provide more than enough protection when wrapped correctly. I also like the act of wrapping my hands as it serves as an indicator to my brain that it is time to train - kind of zen like and focuses me on what is about to happen. I must also point out that handwraps are a fraction of the cost of gel gloves - if budget is important to you.

In general, boxing gloves are made to accommodate wrapped hands. Gel gloves themselves are generally designed to be used in place of boxing gloves as sort of a lighter form of training glove, much like some people hit the bag with handwraps only. Nothing saying you can't put gel gloves under boxing gloves, but I'm a big proponent of training how you will fight and if you have any inclination of getting in the ring, better to train with handwraps now in anticipation of what you will use in the future.

Hope that helps.