I think both, powers with drawbacks and powers without drawbacks can make compelling fights. Is up to execution of said fight.
A clever user could even use their own drawback in their favor. Ex: if someone overheats their body if they use their fire power too much, they may benefit if they are fighting in really cold climates.
Or someone who realized the drawbacks of their enemy`s power could exploit them in unique ways.
What keep fights dynamic when characters with powers fight is how they use them and how they use their enviroment.
ex: the guy with super strenght can have more tricks up his sleve if he uses the enviroment in his fights. Ex: when fighting against an army, he could use his strenght to hit key pillar of a building so it falls over them, and then exploiting the chaos he generated to attack the enemy survivors.