I think most physicians would probably agree that PAs have far superior training. Their school, like you said, is more like the med school model. They typically spend over a year working side-by-side with medical students in the hospital and finish school with thousands of clinical training hours, which is several times more than a typical NP/DNP would get.
If you want to talk objectively, by the end of 3rd year, med students and PAs have infinitely more basic science knowledge and many times the number of clinical training hours than any NP/DNP program in the US offers.
Prior experience as an RN starting IVs and handing patients cups of pills is not as useful as some people would have you believe. If you browse the nursing forums, a lot of nurses use this fact to justify direct-entry programs (where you become an NP/DNP within a couple years, no prior healthcare experience needed. The number of clinical hours of training required often ranges from 600-800ish, which can sometimes be completed completely online (wtf!?), and many programs do not provide preceptors--rather, the student has to seek them out themselves, which means clinical training of questionable quality.)
No one would trust a 4th year medical student to make important clinical decisions. Why would anyone think it's ok for someone with much less training to do so? I would never hire a NP over a PA out of principle, and I know I'm not alone in this sentiment.