Q. What is better, to recite Tehillim for our recent Kedoshim and victims during these terrible times or to learn Torah for them and in their merit?

A. The great power of Torah learning is of course well known and the many benefits and merits it beholds is most amazing and helpful in times of crisis and need.
However, the Maharsha (Talmud Avodah Zarah 19a) teaches that reciting Tehilim causes one to fear Hashem.

Peleh Yoetz (Tehilim p. 641) adds that Tehilim has many different benefits. He concludes that, “One who routinely recitesTehilim is protected from all harm befalling his house, his family and his estate. One who wishes to attach himself to Hashem and His praises should be connected by the Sefer Tehilim.”
After all, Dovid Hamelech requested Hashem that saying Tehillim should be considered like learning Negoim and Ohalos. See Halichos Shlomo (Tefilah 8: footnote 62) and others.
Horav Shlomo Miller’s Shlit’a opinion is that both of them are effective and helpful, however in different ways.

The great power of Torah learning as mentioned is well known.
The Rov Shlit’a added that by praising an thanking Hashem even in very difficult times, as we do in reciting Tehilim, one shows great love to Him and that results in Him loving us more back and saving us.

Rabbi A. Bartfeld as revised by, Horav Dovid Pam, Horav Aharon Miller, Horav Chanoch Ehrentreu and Horav Kalman Ochs Shlit’a