It's an interesting question. The obvious answer is that geometric vs 'naturalistic' is an aesthetic issue, whereas strategic vs penal relates to how the golf holes play, evidenced by the fact that the Macraynor courses can be geometric but are extremely strategic. Clearly, though, there are crossovers, because strategic golf design began to evolve at around the same time as the desire to build courses that looked natural, but not necessarily at the same speed.
Willie Park is perhaps the best example of this. You look at some of his early 20th century courses, and you realise that he had begun to grasp the strategic/penal issue, but he hadn't yet figured out how to build artificial features that looked natural. Huntercombe is today perhaps the best example of this, but there are still features on the Old course at Sunningdale that are pretty stark and obviously artificial. Colt removed and softened many of them, but a number are still there. Fowler too built some strategic courses with not desperately natural-looking features, his fondness for big crossbunkers being an obvious example. It was Colt, essentially, who was the first to figure out how to blend artificial construction into the natural environment; then the likes of MacKenzie and Simpson took it on. And it's in the writings of those three that we really see the desire to meld strategic golf with a natural look.