Play more chess games or study more ?

My question is if playing more games a day will make you better as they say Practice makes perfect or by learning theory ? 

You have to find a balance. Play one 15|10 game per day and use all your time.
If you lost that game, then analyse it thoroughly so as to learn from your mistakes, else study an annotated grandmaster game.

Both are important, but practice is a little bit more important in my oppinion. Analyse your lost games and see at what you can improve the most. Study endgames from masters and do puzzles.

Play a game first.

After a game, review it.

Learn from Engine what moves are better than your move.

If you understand it, move on.

If you don't, try to play against the chess engine on that particular scenario until you are exhausted and out of solutions.

If you still don't understand, find relevant sources that could explain your fault.

Then, try again playing against the computer until you found the solution.

Repeat these steps until your Game Review ends.