I have a few random thoughts on this, not massively coherent for which. Apologise!
Firstly, you do not have to start your child until the term after they turn five. So whether they laugh or not, they can get knotted.
Secondly, many schools used to follow 'rising fives' system, for many of the reasons you outline. children who used to follow the rising fives system were absolutely fine joining their peers in school later. The 'friendships' argument is unconvincing.
Thirdly, many people say 'you'll have to send him/her in the end so might as well do it now to get hem used to it'. This is an illogical argument, sending a child when they personally are ready is the best thing to do.
Fourthly, technically both settings will be following the EYFS curriculum so it is a social/environment/length of day/etc decision, not a curriculum one.
Fifthly, here in the UK we send out kids to school very early but still have much worse outcomes than other nations. Many other European countries send much later.
Finally, be true to your self. You want your child to be happy. The school does not know your child. You know your child.
Accept a place at your chosen school, speak with your preschool, make your decision later - as you know you can legally defer and not lose your place. And also, which ever way you choose, i am sure you will not damage your child, they will be ok in either setting, it's about what you think has the edge, what you think will make them happiest. It isn't perfect vs. terrible, it is good vs. better.