Could be both actually. Up to a point, more light, more energy and growth. Filling holes in the spectrum may also increase Photosynthetic efficiency. I think Dan will disagree with this...and he could easily be right.
There are some huge effects of growth response that are not Photosynthetic. Messages that the plants read from the light they are exposed to. The biggest and best understood of these is the R:FR ratio. (Red:Far red). Generally, there's more red light than far red light. Far red penetrates deeper into a canopy, so in the shade the plants get the message to extend, also known as shade response. Because long night mimics FR light in it's chemical responses, we get the stretch when we change over to 12/12. FR can be used as a supplement to bring on flowering as well, but only if Red isn't being supplemented at the same time.
So growth is dependent first on available energy, but it is controlled by other complex interactions.