In this letter, we investigate whether classical function allocation-the principle of assigning tasks to either a human or a machine-holds for physical Human-Robot Collaboration, which is important for providing insights for Industry 5.0 to guide how to best augment rather than replace workers. This study empirically tests the applicability of Fitts' List within physical Human-Robot Collaboration, by conducting a user study (N=26, within-subject design) to evaluate four distinct allocations of position/force control between human and robot in an abstract blending task. We hypothesize that the function in which humans control the position achieves better performance and receives higher user ratings. When allocating position control to the human and force control to the robot, compared to the opposite case, we observed a significant improvement in preventing overblending. This was also perceived better in terms of physical demand and overall system acceptance, while participants experienced greater autonomy, more engagement and less frustration. An interesting insight was that the supervisory role (when the robot controls both position and force) was rated second best in terms of subjective acceptance. Another surprising insight was that if position control was delegated to the robot, the participants perceived much lower autonomy than when the force control was delegated to the robot. These findings empirically support applying Fitts' principles to static function allocation for physical collaboration, while also revealing important nuanced user experience trade-offs, particularly regarding perceived autonomy when delegating position control.