I would say it depends. If it's a completely new story with a different premise that just happens to be in the same universe I think a new story is better. If it follows the same basic story beats, make it a branch
Depends on how big you plan to make the stories and if they have anything to do with each other apart from the setting.
I could easily separate them into different stories just to have room to grow but I do note that if you want readers, it is easier to get visibility for just one story instead of two.
Theme and kink are the most important factors here. If some branches are adultery and others are, for example, mind control, it's probably best to separate them.
This is especially important if some branches have extreme kinks, or if you decide to use an unusual, experimental writing style for some of them. Going from one branch to another that's completely different is jarring.
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