A slightly longer answer, but I have tried to explain my own approach to dynamic programming and what I have come to understand after solving such questions. I hope future users find it helpful. Please do feel free to comment and discuss:
A top-down solution comes more naturally when thinking about a dynamic programming problem. You start with the end result and try to figure out the ways you could have gotten there. For example, for fib(n), we know that we could have gotten here only through fib(n-1) and fib(n-2). So we call the function recursively again to calculate the answer for these two cases, which goes deeper and deeper into the tree until the base case is reached. The answer is then built back up until all the stacks are popped off and we get the final result.
To reduce duplicate calculations, we use a cache that stores a new result and returns it if the function tries to calculate it again. So, if you imagine a tree, the function call does not have to go all the way down to the leaves, it already has the answer and so it returns it. This is called memoization and is usually associated with the top-down approach.
Now, one important point I think for the bottom-up approach is that you must know the order in which the final solution has to be built. In the top-down case, you just keep breaking one thing down into many but in the bottom-up case, you must know the number and order of states that need to be involved in a calculation to go from one level to the next. In some simpler problems (eg. fib(n)), this is easy to see, but for more complex cases, it does not lend itself naturally. The approach I usually follow is to think top-down, break the final case into previous states and try to find a pattern or order to then be able to build it back up.
Regarding when to choose either of those, I would suggest the approach above to identify how the states are related to each other and being built. One important distinction you can find this way is how many calculations are really needed and how a lot might just be redundant. In the bottom up case, you have to fill an entire level before you go to the next. However, in the top down case, an entire subtree can be skipped if not needed and in such a way, a lot of extra calculations can be saved.
Hence, the choice obviously depends on the problem, but also on the inter-relation between states. It is usually the case that bottom-up is recommended because it saves you stack space as compared to the recursive approach. However, if you feel the recursion isn't too deep but is very wide and can lead to a lot of unnecessary calculations by tabularization, you can then go for top-down approach with memoization.
For example, in this question: https://leetcode.com/problems/partition-equal-subset-sum/, if you see the discussions, it is mentioned that top-down is faster than bottom-up, basically, the binary tree approach with a cache versus the knapsack bottom up build-up. I leave it as an exercise to understand the relation between the states.