If you get back large results sets that you use for further processing PyODBC will be better suited.
But for a small number of values, the overhead at both ends to service ODBC structures may not pay off
since both ends have to get their internal structure in to  ODBC and out of it.
I don't have measured the difference so this is just a guess:
- for the typical embedded SQL returning < 1..10 rows a MethodCall might be more efficient.
This doesn't prevent you from using and tuning an SQL SELECT isolated in IRIS environment. 
In any case, the transfer between PY and IRIS is the slowest piece.
The less data you transport the faster the action is completed.
And transport in blocks wins over isolated pieces in loops.