I would suggest taking a more scientific view of the problem. The OP is asking about a splitter vs a 'Y' (a TEE, really).
Figure a bit more than 3 db loss for a decent quality splitter, let's call it 4. That's the diffrerence between 0.1 and about 0.16 microvolts. Or the difference between 0.2 and 0.317 microvolts. Or the difference between 1 and 1.6 microvolts. Once the receiver is saturating, 3 db loss is undetectable, and if you CAN detect it, signals are already close to threshold anyway.
Those of you with a signal generator can observe the difference in quieting between two signals, 4 db apart. It's barely perceptible in an FM receiver.
Now, in the case of splitting with a TEE, what you'll see is a rippled response between the antenna and the receivers, with the peaks of the ripple 3 db down, and the valleys of the ripple 10db or more, depending on the quality of the coax - and it gets worse with better coax.
In the end, the 3 db loss from the splitter, plus the loss of the coax is the lesser of the two situations, and is low enough that unless you do a side by side comparison between two identical receivers, one with 3 db additional loss, and one without, you'll never see the difference. With just a TEE, you'll very likely notice performance differences between the two receivers, which varies with frequency. Bad idea all around.