Although, Since nobody else has chimed in, your answer is the dominant answer! 
the answer is in your roster and playstyle 
I personally like both and have both fully emblemed. It depends what you need and on your playstyle. E.g. do you use both Gravemakers in war? Malosi is an universal weapon (I have 2 maxed, my second has node 10). I did it after doing an exercise. I went through a hero list and looked how many heroes are a complete null when I fire Malosi on them. Black Knight, Miki, Gazelle, Tarlak, Sif, Ludwig to name a few. His element link gives a crit bonus which I really like as well. I clearly play more defensively, so I use my Malosi way more than GM. If you are more into quick damage - then go with GM if he improves your warteams.
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From what I’ve seen, Malosi is an awesome hero that people are underrating. He’s awesome. If you have level 11 mana troops, and he can charge in 6 tiles. And, he can be useful in locking down heroes like Kad-C, Sif, Krampus to name a few. He may only target 1 hero at a time, but his special to lock down the mentioned heroes above, makes him a worthwhile hero. The game has changed over time and Malosi may not good on defense but offense is where he shines. if I had a second one, I’d max him in a heartbeat
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Agreed on the points, I use Mist and Malosi in a stack to shut down multiple heros. It usually works unless the board gets brutal.
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Gravemaker is goat in E&P but Malosi is awesome. As others have said Malosis ability to cripple many heroes is very significant. I even bring him to VF wars with Gullinbursti vs Alfrike tank and have had great results.
I have a very deep bench (I have three first string teams in each color).
Malosi might be the choice