I have done both as well. I am terrible gift receiver...I feel like I need to make a big show of it but than it probably comes across as fake....or I feel like I don't react enough lol. It's awkward for me

I can sometimes tell if they want me to open it than so I do but now I usually just say thank you and say I'll open at xx time and than make sure to thank them again once I know what it is.