Increasing replicas vs increasing machine

I want to get opinion on increasing the number of replicas vs increasing machine size.
Configuration: 1 node 1 shard architecture and I want to double the load on my Elasticsearch cluster.

Increasing replicas:
If I make replicas double, load can also be doubled but indexing speed will go down.

Increasing machine size:
But what if I make machine size double, can the load be doubled with same query latency.
What changes do I need to make it accept double load.

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