FIT is binary, so map tools and text editors cannot read it. KML opens in Google Earth and Google My Maps. FIT is at home in workouts recorded by sports watches and bike computers; KML is the usual choice for places, routes and tours viewed in Google Earth.
Every format is read into plain GeoJSON features and written out from there, so coordinates, names and properties carry over wherever the target has a place for them. Only recordings with GPS positions can be converted; an indoor workout with no route is refused. Time and elevation are kept. Heart rate, cadence and power are not written, because KML has no standard place for them; choose GeoJSON or CSV to keep them. Altitude and per-point timestamps are kept; a line with timestamps is written as a Google Earth track that can be played back.