How do odds change: early underdog vs late favorite?

You ever place a bet on a team early in the week thinking you’re being clever, just to watch the odds flip completely by game day? Happened to me not long ago with a tennis match — I backed the underdog on Tuesday at pretty long odds. But by Friday, he was suddenly the favorite after news came out about the other player nursing a wrist injury. Made me wish I’d waited. It’s weird how fast things can change, and it gets me thinking — are you better off going with the early odds when the underdog still looks weak, or waiting to see if the favorite status flips around closer to the match?