Yes, but also both. (a simple example follows)

Think of it like you being at work or home. If I check your house, either you're there, or you aren't. If you're there, you're at home, simple. If not at home, you're at work.

Same with your work: either you're there when I check - or you aren't, therefore at home.

But before I check either location (it's understood that you are only in 1 of those 2 places), you are effectively in both places, and neither place, all at once.

What if all particles are waves. They just temporarily form loops that we consider to have particle behaviour when observed on a larger scale.