Great question! I can only answer for the Jewish part of this question.
Your either/or formulation is a bit of a false dichotomy. Indeed the answer really is "yes". Jews in interwar Poland were citizens who generally had the rights associated with citizenship, as in other European countries during the interwar period (with the obvious exception of post-Nuremburg Germany). This was guaranteed in the Polish constitution. There were several Jewish political parties, representing several divergent political views common among Jews (religious traditionalists, Bundists, Zionists, etc).
However, there was still a fair bit of discrimination Jews faced. Firstly, there was a series of pogroms around 1920. Although these were relatively small in scope and much less violent than the earlier waves of pogroms in Eastern Europe (and fairly small in number), it would've been something the Jewish community would've been worried about. Despite these, the extent was less than elsewhere in Eastern Europe, and the number of Jews in Poland grew from immigration of Jews from other parts of Eastern Europe.
But this was part of a more generalized system of discrimination, in the 1930s especially. The Polish political right (notably the National Democrats) was fairly openly antisemitic during this period, and agitated for increased discrimination (i.e. it was more widespread in the political system than some people holding negatives views towards Jews and acting on them).
Quotas on Jewish attendance in universities became quite common, and in-university segregation ("ghetto benches") was enacted in some places in the 1930s. Jews were about 10% of the population of Poland, and in the early 1920s were about a quarter of Polish university students, since Jews were overrepresented in cities and in trade (populations that would tend towards university attendance). By the end of the 1930s the percentage of Jews in universities was about 6%, and Polish universities were hotbeds of antisemitic activism among students.
Economic pressure was placed on Jews in other ways too. The government enacted laws to limit areas where Jews were heavily represented. Because of the high Jewish population, all slaughterhouses were Jewish ones, and supplied both kosher and non-kosher meat to the population, since there were enough Jews that it was economically sensible to centralize kosher slaughter. In the 1930s, however, it became illegal to sell kosher-slaughtered meat outside kosher-specific stores. This put a significant number of Jews who worked in this industry out of work.
There were much broader anti-Jewish economic policies, too, though often these maintained an appearance of neutrality. Sale of alcohol was nationalized, which had been a Jewish economic specialization up till that point in Eastern Europe. The legal workweek was structured in such a way to exclude Sabbath-observant Jews from a large number of jobs, particularly in factories and to put Jewish-owned small businesses under severe economic pressure. This forced Jews into working in smaller commercial businesses. And as "luck" would have it, unemployed people laid off from small businesses were ineligible for unemployment, cutting Jews off from government assistance during the economic turmoil of the 1930s. Jews were also excluded almost entirely from the civil service. In the 1920s consessions to run particular businesses granted to Jews were revoked and reallocated to Poles, which caused the loss of livelihood for a large number of Jewish families.
In the 1930s the Polish right encouraged an anti-Jewish boycott, which was assisted by a law requiring names of owners to be identified on signage, making it easier to identify Jewish-owned businesses. This included direct attacks on Jewish small businesses in many areas.
These were framed very often as efforts by the Polish government to "Polonize" sectors of the economy where Jews were overrepresented, rather than a campaign of discrimination. What this understanding ignored is that in truth while Jews worked in commerce, they were not particularly prosperous, and were further impoverished by anti-Jewish economic policy during the period. No effort was made to increase Jewish representation in field where Jews weren't so heavily represented. In the case of small tradesmen the government actively worked against this aim, by requiring a license for craftsmen requiring knowledge of the Polish language (while many Jews were conversant in Polish, Yiddish was the overwhelming first language). They also neglected the fact that Jews were overwhelmingly concentrated in cities and towns, so their participation in trade and commerce was often not as disporportionate as the initial numbers would suggest at first glance.
There was, of course, objections to this discrimination in interwar Poland. But as antisemitic activism grew, these objections became confined to narrower slices of the Polish political spectrum.
As the climate for Jews during the late 1930s got even darker, further anti-Jewish policies persisted. A large number of Jews had moved from Poland to Western Europe during this period. The German government rounded up Polish Jews ("Ostjuden", "Eastern [European] Jews") in the 1930s (many of whom had actually been born in Germany), seized their assets, and sent them on trains towards Poland, but Poland refused them entry. There were thousands of Jews who were effectively trapped at the border in refugee camps, being deported by Germany but refused entry to Poland, which obviously caused a great deal of suffering. This was only resolved when Poland threatened to start expelling German citizens. Similarly when Germany took over Austria, Polish Jews in Austria were stripped of their Polish citizenship. To put things in chonological context--this legal limbo, forcing Jews to live as stateless renegades, is what drove Herschel Grynszpan to kill Ernst vom Rath, a German dignitary in Paris, which was the pretext for Krystallnacht.
So yeah, not great. Jews had legal rights as citizens, but there was a persistent campaign of marginalization and discrimination, particularly in the economic sphere where Jewish participation in the economy was cut off.
Sources: