Depends. Previous villains usually job when the new villain shows up. Dooku gets jobbed a lot in TCW both by Savage and Vos, but in the old Clone Wars Multimedia project, he was putting Grievous and every other Jedi and Dark Acolyte in their place. Only Yoda and Sidious could humble him, which isn't jobbing at all.
Basically once the old villain overstays his welcome expect the worf effect to occur when the new bad guy on the block shows up.
Both do it, but from my experience, the villains in most stories. Almost always getting away with it, and SHOULD have been getting away with it, if not for things like cliched monologues and every opportunity having PIS let the heroes escape, time and time again.
I think it is clear the heroes do it to, but the cliches that work in the heroes favor in regards to this have taken it to an entirely different trope level, so for that reason, I would say the clear answer for overall media is the villains.
Depends. In long running solo superhero series, villains often end up diluted over time, after an effectual first outing. However many side heroes also tend to perpetually be used as ways for villains to appear tough and powerful or otherwise threatening. Also many powerful heroes are used this way for especially important villains that need heat immediately. So in some team books, while the villain may eventually be diluted, you have to consider the ratio of heroes to villains. That being said... some heroes also take on teams of villains in their solo series, and they themselves get hired out to other characters... think Wrecking Crew.
Villains usually. Heroes just get the Worf effect and then they have to figure out how to obtain enough power or come up with a plan to stop the villain. While villains unless established as a top tier threat may never appear as a decent threat again. Someone like the rhino or electro are really decent mid tier guys and have nearly killed Spidey on occasion but they're not even good enough for a decent arc these days
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