It depends. If you use same setup for each track for all songs, then one project for all is good idea imo.
In tape times (adat/tascam or analog) all songs were on same tape, true. But they were mixed individually, one by one. There was no one click recall.
DAWs have advantage of full recall. So it makes sense to split project into songs. If you have all songs in a row, you can have entire session loaded, and just listen to the part you are working on (as you would with adat tape). Or you can delete everything before and after the song you are working on.
Try differnt ways and you will see what works best for you.
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