I've flown both routes, however AV-Bog was pre-covid. Overall I would recommend Copa over AV. I flew J with Copa last month YYZ-PTY-MDE. In-flight was a boxed meal and a beer for the YYZ-PTY leg, PTY-MDE was no service at all. In terms of lounge, its pointless at this time since the PTY Copa club is closed. There is another priority pass lounge at PTY, however, I wouldn't recommend it as it was quite busy and the food was meh.

I would strongly discourage business class travel on Copa and Avianca during these covid times. The reality is that I ended up paying business class prices for an economy level experience. Base your decision solely on price and flight times that are convenient for you.