The answer may be a combination of the two.
Does a helicopter fly because air is caught by the rotor and thrown downwards, which causes an equal reaction in the opposite direction and 'throws' the helicopter upwards by conservation of momentum, or does each rotor use the Bernoulli principle like a fixed wing to generate lift on each individual surface which causes the helicopter to rise?
I know that the collective changes the angle of attack of each blade, but am unsure if this is to catch more air for momentum purposes or Bernoulli principle purposes. I'm also aware of ground effect but the above question should apply to helicopters in flight at altitudes where the ground effect is not a factor.