The paper mention elsewhere in the comments, https://web.eecs.umich.edu/~weimerw/2012-4610/reading/bacon-... "A Unifying Theory of Garbage Collection" put this in context.
For example, a generational garbage collection essentially employs a hybrid approach between tracing and reference counting.
Similarly, depending on your system's trade-offs, reference counting might be better. Eg tracing garbage collection works really great for main memory, but for filesystems we typically use reference counting to decide whether to retire an inode. (The paper explains this in more detail.)