To me, the embedded HTML is very easy to read. The CGI.pm code is harder to read.

Why does it matter whether I say "<p>hello</p>" or p("hello")? Either way the HTML is defined by the Perl script. There is a one-to-one correspondence between the embedded HTML solution and the CGI.pm solution.

The question of which is easier to maintain depends upon who is maintaining it. Many of us have been looking at HTML for years and can read it very easily.