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Context. Machine-learning methods for predicting solar flares typically employ physics-based features that have been carefully cho- sen by experts in order to capture the salient features of the photospheric magnetic fields of the Sun. Aims. Though the sophistication and complexity of these models have grown over time, there has been little evolution in the choice of feature sets, or any systematic study of whether the additional model complexity leads to higher predictive skill. Methods. This study compares the relative prediction performance of four different machine-learning based flare prediction models with increasing degrees of complexity. It evaluates three different feature sets as input to each model: a “traditional” physics-based feature set, a novel “shape-based” feature set derived from topological data analysis (TDA) of the solar magnetic field, and a com- bination of these two sets. A systematic hyperparameter tuning framework is employed in order to assure fair comparisons of the models across different feature sets. Finally, principal component analysis is used to study the effects of dimensionality reduction on these feature sets. Results. It is shown that simpler models with fewer free parameters perform better than the more complicated models on the canonical 24-h flare forecasting problem. In other words, more complex machine-learning architectures do not necessarily guarantee better prediction performance. In addition, it is found that shape-based feature sets contain just as much useful information as physics-based feature sets for the purpose of flare prediction, and that the dimension of these feature sets – particularly the shape-based one – can be greatly reduced without impacting predictive accuracy.