i like the second one and the first one is a little too simple
about your text if your doing clipping masks the text isnt supposed to be on the image the image is supposed to be clipping masked on the text
It's all about visual appeal. What would look more appealing? The second one does need a border. A border kind of showcases your work and keeps it together rather than it look crazy and messy. It gives it a soft clean cut look to it. And depending on your point of focus, it should be the last thing you notice. A nice white border would be good here, cinematic.