It's both! Technically speaking, for real numbers $a,b,c$, with $b\neq 0$, we say that $a/b = c$ means that $a = b\cdot c$, i.e division is the inverse operation of multiplication. Now as to how we can interpret this operation, there are several possibilities, and you've hit on two of them.
$1.)$ "To divide means to split the number up into equal groups"
Suppose you have $15$ objects which you want to split into $3$ equal groups. Then we can think of $15/3 = 5$ as telling us that in order to have three equal groups we need each group to contain five items, because $15 = 5 + 5 + 5$.
$2.)$ "To divide means to see how many times the divisor fits into the dividend"
Now let's say we want to see how many times $3$ fits into $15$. Again we compute $15/3 = 5$, which we interpret as meaning that $3$ fits into $15$ five times, i.e. $15 = 3 + 3 + 3 + 3 + 3$.
Note, however, that because $5 + 5 + 5$ and $3 + 3 + 3 + 3 + 3$ are both perfectly valid ways of thinking about $15$, neither way of thinking of division is necessarily better than the other, though depending on the context we may find one interpretation easier to think about/visualize that the other.