The second query will work better, because the database engine must analyze and execute only one statement. But the difference will be insignificant and will only matter for large inserts (more than 100). But the best approach is
INSERT INTO table_name (col1,col2) VALUES (value1, value2),(value3, value4);
2
INSERT INTO _
SELECT col1, col2
( SELECT 1 col1, 2 col2 UNION ALL 3 col1, 4 col4
) A