Do you rehearse the exact wording, or just the route through the set?

I keep swinging between two bad extremes: memorising every sentence so tightly that one missing word throws me, or only learning the beats and then discovering onstage that the wording was doing more work than I thought. For material that’s already been tested a few times, what do you actually try to lock in — exact setups and punchlines, the order of ideas, or a mixture? I want enough structure to feel safe without making the set sound recited.