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If the competitor is a decent brand and offers you better pay. I'll suggest you to switch and build the experience and skills with the competitor. Relocating might be a wrong decision with another lockdown hovering around in next few weeks.
Go to the competitor. Don’t look back. The “brand” doesn’t mean anything if the compensation is there. All these agencies are full of crap about their brands, anyway. They’re all the same. If the money’s there and you are interested in the clients at the competitor, this is a no-brainer.
Bowl Leader
Understand your preference and the benefit you'd get from each role. Considering you're at a very early stage of your career, a good brand/organization is important. If the local competitor can give you quality experience, good roles, and learning opportunities then it makes sense. Otherwise, take the difficult route for a few years - learn, make a name, add to your portfolio by working in MSL (live a bit frugally) and then come back to your local city. Going out of comfort zone is necessary for reaching new heights.