In an all human game the turtle would win, in less all the players are bunnies, then everyone dies. In an all human game the more cautious players will band together against the more aggressive ones. The aggressive players are less likely to ally as they know that if they lower their guard even a little they may be attacked. Thus either the hare becomes the tortoise or they fight each other mercilessly while the tortoise nibbles around the edges.

Even if it's one-on-one in a campaign game, the turtle will win. A slow, deliberate player will construct watchtowers, reinforcement forts, use their night fighters effectively, and have better cash and troops.

It doesn't matter if you attack an interior, poorly garrisoned city. Even if you make it there without being ambushed by my army I have another waiting for you, close enough to attack immediately. Led by my night fighter I'm able to isolate and pincer your inferior troops or force you to retreat. If you're carrying siege equipment you'll be able to assault that turn but you may not make it there with your reduced movement.

Let's say you bring a catapult and attack my fortress or citadel, it won't be enough. You'll either run out of ammunition or your inferior troops will be chewed up as they're forced to fight in smaller areas against elite troops. Batter down my first gate and you'll have to expose it to archer fire which may kill the crew. But wait, how did you get it in the first place? Did you spend the time and cash to build a siege engineer and what's the recruitment pool?

If you do assault you'll have trouble maintaining morale as I've use the assassins I trained on a rebel stack to kill your general; maybe I'll gain another rebel stack to practice on. My spies tell me which of your generals don't take personal security seriously so you may have trouble finding one in the first place, that is, if I haven't eliminated your royal line.

So now you've already lost a couple of "cheap" stacks of troops, how are you going to raise more? Since you weren't able to take any of my cities with no economy you're dangerously short of cash and have ran out of steam. Now I can pick you apart.

Turn-based favors turtling. Go too fast and you become a victim of your own strategy.