I haven't used either in a bus, in fact I have yet to buy a bus. So everything I say is either theoricial (as applied to a bus), or learned from other circumstances. Also of note, in regular house insulation, every time I have considered rigid foam vs spray foam, I have chosen rigid foam board with a few extra air sealing details.
First, with rigid foam, do not use any old construction adhesive ... some of them are incompatible with/will dissolve foam board. Look for one that is listed as compatible, or better yet use a specific board board adhesive.
Second, rigid foam can be the same thing as 2-part closed cell spray foam and will have the same R-value, so long as they are the same material.
Third, the plusses, as I seem them, for spray foam are air sealing, contour following and noise reduction; rigid foam is not the greatest noise blocker, but spray foam adheres to almost everything and will add stiffness locking everything in place and reduce the chances of a rattle.
Fourth, the cons of spray foam, again as I see them, are cost, mess, and skill level required.
In my future, hypothetical bus, I think I have narrowed it down to one of two options:
1) What I have heard called flash-and-batt. This is where a thin layer of 2-part spray foam is used as an air sealing layer, then a traditional batt insulation is used. Mineral wool interests me, while it is a lower R-value it is less prone to mold when exposed to moisture (liquid or humidity) and it is better at addressing sounds from outside.
or
2) Used rigid foam as the primary insulation. This would have three special considerations for me (all learned while researching how to properly insulate my basement from the inside).
A) Ensure that the rigid foam is thick enough for my climate zone that the "condensation plain" (the location within the assembly where the temperature is such that condensation would occur) is within the rigid foam and not on either face. (For my basement, which is the last place I used rigid foam, this was in the 1.5 to 2 inch range, I forget the exact point).

A healthy bead of foam board adhesive around the perimeter for the board. This is an air sealing step that prevents air from circulating behind the board. I am in a heating dominated climate and this circulation will result in condensation behind the insulation and mold growth (in a bus I suppose rust is a threat).
C) 2-part spray foam all penetrations through the rigid foam and joints and edges of the rigid foam. This is also an air sealing step, preventing air from getting behind and between the boards and condensing.
D-Bonus) If, multiple layers of foam board are used, say a 1.5 between structural elements and a 1/2" over the frame elements (to somewhat address thermal bridging), stagger the seams so that they do not overlap as much as possible.