When I started my PhD, I had a very similar choice to make. I rotated in one lab that had a number of students and postdocs, but where everyone essentially focused on slightly different angles of the same research question. In the other lab, the vast majority of people I worked with were "permadocs" (PhDs who loved working with the PI so much that they stayed for decades, despite being professors at a nearby university). There were no expected hours or lab meetings…people just worked the amount they found appropriate.
I ultimately joined lab #2 and there were positives and negatives to that decision. I will admit that I floundered for about a year and a half before making any real progress on my PhD. I had chosen my project without any real oversight and I didn't make the best choices. I also didn't publish or present anything for the first two years because my PI never brought it up and I never thought to ask.
That being said…I ultimately loved my experience in my lab. At the start of my third PhD year, things absolutely took off and I was surrounded by experts who thought about things in very novel ways : they helped my projects maintain momentum and they were very passionate about the work. In the course of one year, I attended half a dozen conferences and wrote several papers. I came to appreciate the lack of direct oversight because I had complete freedom over my projects and that ended up being a very good fit for me. I think I learned more through my "trial by fire" than I would have in a lab where I had more direct guidance. By the time I defended, I had absolutely zero regrets about my choice.
I would say that you should try a 3rd rotation just on the off-chance that you find a lab that is an easy fit. As for your current rotation, I think you should take the initiative and build a project for yourself (assuming your PI is amenable to the idea). If you can do that, you may have a better idea of what it's like to work in the lab. If you aren't comfortable with that level of self-direction, then it may be better to find a lab with a more traditional way of managing students.