Depends on the visual novel.
If it's something that includes a minigame to progress, like Symphonic Rain (or
is a minigame to progress, like Princess Waltz), then played. If it's something that's got a huge number of twists and turns to navigate through to find everything, like Clannad or The Sagara Family (or if it's basically an open-world game, like Kagetsu Tohya), then played. If it's something that requires thought and trial/error to get to the right endings, like Tsukihime or Fate/Stay Night, then played.
If it's something with many choices which only serve to turn the plot in a few directions (including the possibility of premature or true Bad Endings), like A Drug That Makes You Dream or Kanon, arguable, but I lean slightly towards played. If it's something with many choices that have basically no impact on the overall plot, like Heart de Roommate, then I strongly lead towards read.
If there's no choices at all (like True Remembrance or Higurashi no Naku Koro ni), then it's called a kinetic or sound novel, and it's read like a book.
If the game has open stats and stat-building, it's a dating sim.
Don Savik said:
Influencing the story through choices is something I've done in a choose your own adventure book. Replacing "turn to page _____" with a button doesn't make it switch from reading to gameplay.
Sober Thal said:
'Choose your own adventure' books are read.
Same for 'Visual Novels'.
Not really the best analogy in all cases. I've yet to see a Choose Your Own Adventure book include a statement of "if you selected positive or neutral on three of the follow pages: 23, 24, or 52, selected to continue forward on page 7, and have not read page 46, then turn to page 90."
In VN parlance, CYoA books would be driven entirely by limited event flags, without complex event flags or event/relationship points. Some of the more linear VNs
are sort of like that, but not all.
Granted, I've read CYoA books like sort of
resembled that sketch, but only because they were incoherent messes with a "Twin Peaks meets Lost but somehow worse" style of storytelling cohesion.