IME it's definitely best to let the glue set up (or at least mostly set up) and then remove it mechanically. Trying to wipe a blob of squeeze out just smears it and pushes it into the wood grain. Big mess! If, instead, you let the blob harden, you can pop it off with a chisel, razor blade, or other tool.
If I'm doing work with parts that already have a finish on them (i.e. gluing a bridge on) I will wipe on some johnson's paste wax prior to gluing. The glue blobs practically fall off all by themselves after that. Much easier than tape IME, since masking tape can become embedded in the glue and then you're fighting not only glue blobs, but little tiny flecks of tape in the joint too.