Yes, both have to be disabled.

You can simply unplug the vacuum line on the vacuum advance to disable it, or you can remove it like I did in my photo.

The mechanical advance needs to be locked out. I removed the weights and drilled holes and inserted roll pins to lock it out. Others have wire tied or installed ridiculously stiff springs in place of the springs. Another nifty method I've seen is using a small piece of aluminum and drilling 4 properly sized and spaced holes in it and sliding it over the posts the advance springs would go on. Locks it right in place and the rotor makes sure it doesn't go anywhere.

These two modifications go for any engine, points or electric, that utilized a vacuum and mechanical advance system.