Hi Kumaraguru,
For large, collaborative projects where modularity and data management are critical, Simulink Data Dictionary is generally the more robust choice. The ability to programmatically access and modify the data also means that you can automate many tasks, including swapping between different datasets.
If you are concerned about the complexity of swapping data sets with SDD, consider developing a set of MATLAB scripts or functions that automate these tasks. This way, you can enjoy the benefits of centralized data management while minimizing the overhead of managing different data sets.
You can programmatically access and modify data in the SDD using MATLAB commands (Simulink.data.dictionary.open, create, Entry, etc.), which means you can automate data updates and access reference model parameters programmatically.
Please refer to the below mentioned documentation for more information on Simulink Data Dictionary: