Logging is a better approach to tracing program execution than simple `println()` statements as it provides a consistent and organized way to track an application's behavior, allowing for systematic identification and resolution of issues. The built-in `java.util.logging` package allows you to easily record and output different events in your application, such as informational messages, warnings, or errors. By using this framework, you can specify log levels to indicate the importance of each message, including `SEVERE`, `WARNING`, `INFO`, `CONFIG`, and `FINE` levels. You can set up a logger and log messages with different levels by importing the necessary classes and using the `Logger` class. The optimal logging level should be set based on the specific application's needs to ensure that only critical issues are recorded. Best practices for logging include avoiding sensitive information, rotating log files to facilitate easier debugging, and using log formatting to make logs more readable. Third-party logging libraries like Log4j and Logback offer additional features and flexibility, while Sentry provides real-time error monitoring and performance insights to enhance your Java application's reliability and efficiency.