I use Adobe Illustrator for the fairly rare occasions that I need to do it.

Since I already have it, and use it to generate almost all my graphic assets, it makes sense.

IME VectorMagic does a much better job on more complex drawings.

That may definitely be the case. I haven’t fed AI any really complex drawings.

However, there’s a lot of knobs and buttons on AI’s raster tracer.

This is the best I've found as well. They also have a new offering (different internal model, similar quality evidently) that I've used back when it was in a free unlimited trial. Not sure the status right now: https://vectorizer.ai/