I mean, even with just letters, you're looking at 620448401733239439360000 hashes required. x 128 / 8 bytes, you're looking at ~ 9000 zettabytes. So, a few order of magnitude larger than the entire internet.
If you have a strong password, it's not comparable. In scenario one the server has the password immediately. In scenario two, it would require the heat death of the universe to precompute the hash to find out the password.