Well,
I can speak to the community at large. I work right next to CSUMB and swim in their outdoor pool at lunch time. While there is definately a beach vibe in Monterey and at the university it is a lot different from Santa Cruz surf vibe IMO. And I like SC. One of of best friends from college still lives there. But Monterey just doesn't have that same kind of grungy, surfing beach culture that SC is known for with all the good and bad which that brings. I am also a surfer who grew up exposed to that culture. So I know where you are coming from.
Monterey has more of a multicultural, international feel because of several strong military influences in the area. There are a lot of young adults who move here from other states and even countries to study at certain military based educational institutions - the Defense Language Institute and the Naval Post Grad School. And there are military projects and government defense jobs out here is well. That is one of the things that brought us here. Santa Cruz has a much more limited job market for what I do - software engineering.
Most ppl don't move here to surf, hence the different vibe. Yet there are decent spots up here to surf not to mention Moss Landing and SC to the north. It is also less crouded than SC. And I find the coastline more beautiful with the 17 mile drive and Big Sur in our backyard.
If you are looking for the closest possible place to the best surfing then UCSC is probably better. But if your interests extend beyond your next wave then I think Monterey is a better option.
Sharks are everywhere up here - Big Sur, Monterey, Santa Cruz, SF, etc... It is just a part of ocean life to be aware of and a risk one takes. I surf at Asilomar where a knee boarder was killed by a great white in the 70s. And there have been other incidents. But it doesn't happen every day thats for sure. So you just take precautions and go.
Here are some of the spots -
Surfing Monterey.