The short version
Sleep Cycle wins on polish and cross-platform reach; Sleep as Android wins on Android-only customisation depth. Pick on platform first, customisation second.
When is Sleep Cycle the right pick?
If you want a polished, low-friction sleep tracker that works the same on iPhone and Android, and you value a clean app over deep customisation, Sleep Cycle is the right shape. The sleep-soundscape library and the consistent UX across platforms are the differentiators.
When is Sleep as Android the right pick?
If you are on Android and you would rather have automation, plugin ecosystem and granular control than a polished out-of-box experience, Sleep as Android is the right shape. The Tasker integration alone is reason enough for power users. For iPhone users it is not an option.