Logs and metrics are both derived from events. A log takes the whole event and records it somewhere. A metric takes some numeric value from the event, aggregates it over time, and records it periodically. You can reconstruct a metric from logs for the underlying events.

A trace is a period of execution between two events. You could record a trace as a pair of log entries, or one log entry at the end. You can then reconstruct a trace from those log entries. If you want to associate multiple spans, and separate log entries, within a trace, you use a shared ID, which is just the same as a context entry for logging.

All three of these pillars are just ways of looking at events. They are not fundamentally different at all. This is a mistaken idea in "Observability 1.0" whose correction is the basis of "Observability 2.0".

The pillars still have their uses, but the choice between them is really a non-functional one - storing a log entry for every event might be too expensive, so just store metrics instead, and index every log entry so it can be correlated with nearby ones might be too expensive, so just store specific traces instead.