I am a current modular student (doing my IR right now) and I would say that if you can afford it, go to the APP at Oxford. I have spoken to many people, some ex-Oxford students, and those students are getting jobs through Oxford contacts. Almost all APP students have gotten jobs. Even some students pre-APP have recently been put forward by Oxford and have interviews.
The modular route is difficult, many of the ex-students at my school have only got jobs through type rating onto the ATRs. Many have just returned to their previous jobs. (You could then argue that the extra £20K makes sense for an APP course).
The modular schools have few contacts, don't lobby the industry, and hence it remains a long hard slog.