When it comes to the aluminum alloys used in AR receivers... If all things are equal, meaning same alloy type, and identical dimensions, the forged receiver will usually be stronger. This is due to the compression that the forging process imparts to the metal.
Billet can be stronger due to the fact that the dimensions are more easily changed from standard, adding material in various places to increase strength. As its easier to reprogram the milling machine with new dimensions than it is to make new forging dies. This and the custom design/look of billet is the reason they sell.
Most makers of Standard forged AR receivers, source unfinished forgings from one of the handful of forgers in the US, then they do the final milling and anodizing themselves. This is where the different manufactures differ, as their QC and tolerances are different, even if the basic design and dimensions are the same.
The biggest confusion around the forged vs billet is from other products like custom car parts, where billet is typically superior. This has lead to many assuming the same applies to AR receivers.
Car parts tend to be made from steel, and the steels that are suitable for forging, are not as strong as other steel alloys typically used in billet parts. So the difference isn't because one is forged and the other billet, but due to the physical properties of the materials used. Should a manufacturer use the same steel used in forged parts to make a billet part, the forged part would be superior, as it would gain the benefit of the work hardening from the forging process.
It is a materials difference, not a process difference. Due to the fact that the aluminum alloys used in AR receivers is well suited to the forging process, and that billet receiver makers use the same alloy... There is no difference in material strength, it must be done through design/dimensions.
Unless you want the custom look of billet, forged costs much less and you loose little to nothing to the billet.