Either or possibly neither
and to complicate matters 110.14 has a bearing.
Your conductor must be protected at its ampacity. Once the appropriate derating factors are applied you protect the conductor according to that number.
Most times conductors are required to be terminated at their 75° rating (110.14)so if you are using a 90° conductor you might be able to derate and still terminate at the 75° rating.
If, after you derate, the conductor does not have adequate amapcity you can either decrease the overcurrent device, if your load allows, or increase the wire size.